The Congressional Budget Office estimated Thursday that the bipartisan Senate infrastructure bill will add $256 billion to the deficit over the next decade, undercutting its backers’ claims the spending had been offset.
In FY2020, the deficit hit a record $3.1 trillion. So far in FY2021, the deficit is $2.2 trillion. The national debt is climbing to $29 trillion for the first time in U.S. history.
At 2:00 AM on Saturday, February 27, Democrats in the U.S. House of Representatives voted to pass a “COVID relief and economic support“ bill at a cost to taxpayers of $1.9 trillion. The next Saturday, Senate Democrats passed a very similar bill, and President Biden stated he will sign it. This will be the sixth “COVID relief” law and swell the tab for such legislation to a total of $5.3 trillion. The combined cost of these laws to every household in the United States will be an average of $41,036.
The U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year, the Treasury Department said Friday.
The ocean of red ink is a product of the government’s massive spending to try to cushion the impact of a coronavirus-fueled recession that has cost millions of jobs.
by Andrew Berryhill Government agencies and researchers produce endless reams of statistics. While statistics can be valuable, they can be easily misrepresented. A 2017 study on the use of statistics in news characterized the problem as such: “The constant supply of data produced by think tanks, government agencies, independent researchers, academics and…