Treasury Department officials warn that the IRS may lose $20 billion in funding if Congress does not intervene.
Last year, $20 billion was rescinded from the IRS, but the budget cut could be inadvertently duplicated due to a legislative mechanism that keeps the government afloat, the Associated Press reported.
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The federal government borrowed $1.9 trillion in the first eleven months of fiscal year 2024, including $380 billion in August, a startling amount as federal watchdogs sound the alarm on spending.
Those borrowing figures come from the latest Monthly Treasury Statement from the Treasury Department.
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The nonpartisan Congressional Budget Office this week revealed the magnitude of the federal deficit, growing to $1.7 trillion in one year, as the national public debt reached $34.7 trillion for the first time in U.S. history.
On Monday alone, the national public debt grew by $37 billion. By Tuesday, it surpassed $34.7 trillion overall.
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The U.S. federal government has borrowed about $6 billion per day so far this fiscal year with little indication of slowing down.
The U.S. Treasury Department released its figures for the month of March showing it borrowed $236 billion in March alone, bringing the total to $1.1 trillion for this fiscal year, which runs from October to September.
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A coalition of states has filed a legal challenge to President Joe Biden’s latest executive effort to forgive a portion of Americans’ student loan debt.
The lawsuit comes after Biden on Monday announced the plan, which the states in question say is an overreach of executive authority. The White House claims that Biden has so far canceled at least some of the debt for 4 million Americans, totalling $146 billion so far.
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The Congressional Budget Office on Wednesday released a bleak outlook for the federal government with new projections that show debt levels will reach their highest levels ever in five years.
“Debt held by the public, boosted by the large deficits, reaches its highest level ever in 2029 (measured as a percentage of GDP) and then continues to grow, reaching 166 percent of GDP in 2054 and remaining on track to increase thereafter,” according to the CBO report. “That mounting debt would slow economic growth, push up interest payments to foreign holders of U.S. debt, and pose significant risks to the fiscal and economic outlook; it could also cause lawmakers to feel more constrained in their policy choices.”
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