The Congressional Budget Office now projects that the federal deficit for fiscal 2024 will total $1.9 trillion, a $408 billion increase from its projection in February that the deficit would amount to $1.5 trillion. The culprit of this 27% increase in the projected deficit? President Joe Biden‘s bailouts of student loan debt and failed banks.
More than a third of the projected increase, or $145 billion, results from “revisions that the Administration made to the estimated subsidy costs of previously issued loans and from the Administration’s proposed rule to reduce many borrowers’ balances on student loans,” according to the CBO. The Federal Deposit Insurance Corp., which was directed by the White House to foot the bill for a series of bank failures even though not all the compromised accounts were insured by the independent agency, has failed to quickly recoup those…
