The high spending numbers come as Biden enters into his 2024 re-election campaign<\/p>\n\n\n\n
The nonpartisan Congressional Budget Office (CBO) revealed the federal government under President Biden has run a near-$1 trillion federal deficit in the “first seven months of fiscal year 2023.”<\/p>\n\n\n\n
CBO\u2019s report dropped on Monday, giving lawmakers insight into the current state of the federal deficit.<\/p>\n\n\n\n
The nonpartisan agency found that in the first seven months of FY2023 alone, the federal government has racked up $928,000,000,000.<\/p>\n\n\n\n
“The federal budget deficit was $928 billion in the first seven months of fiscal year 2023, the Congressional Budget Office estimates\u2014$568 billion more than the shortfall recorded during the same period last year,” CBO wrote on Monday.<\/p>\n\n\n\n
“Revenues were 10 percent lower and outlays were 8 percent higher from October through April than they were during the same period in fiscal year 2022,” the agency continued.<\/p>\n\n\n\n
CBO wrote that shifts “in the timing of certain payments affect that comparison.”<\/p>\n\n\n\n
“Outlays this fiscal year were reduced by the shifting of certain payments\u2014totaling $63 billion\u2014from October 1, 2022 (the first day of fiscal year 2023), into fiscal year 2022 because October 1 fell on a weekend,” the agency wrote.<\/p>\n\n\n\n
“Also, outlays in the first seven months of fiscal year 2022 were $65 billion higher than they otherwise would have been because several federal payments that were due on May 1, 2022, a Sunday, were paid in April 2022. If not for those timing shifts, the deficit in the first seven months of fiscal year 2023 would have been $991 billion, compared with a $295 billion shortfall during the same period in 2022\u2014an increase of $696 billion.”<\/p>\n\n\n\n
The high spending numbers come as Biden enters into his 2024 re-election campaign.<\/p>\n\n\n\n
The economy will likely be a major factor in 2024 as Biden will likely have to face questions on high inflation and other economic issues facing his presidency. A new ABC News\/Washington Post survey found that 54% of American adults believe Trump did a “better job” handling the economy during his administration, compared to 36% who said Biden is handling the economy better.<\/p>\n\n\n\n
Last month, Biden received a “bottomless Pinocchios” rating from the Washington Post for repeatedly touting “misleading” claims on the deficit.<\/p>\n\n\n\n
Earlier this week, Biden told a group union workers that in his first two years in office, he “lowered the deficit by a record $1.7 trillion,” a claim Kessler gave “three Pinocchios” in September.<\/p>\n\n\n\n
“Yet he keeps saying it over and over,” Kessler wrote Friday. “By our count, at least 30 times since June he\u2019s taken credit for reducing the budget deficit by $1.7 trillion.”<\/p>\n\n\n\n