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Markets Are Sounding the Alarm on Deficits

Posted on AllSides October 24th, 2023
From The Right
Brendan McDermid/Reuters

The federal deficit doubled in fiscal year 2023, and the bond market is sounding the alarm about fiscal irresponsibility. But Washington isn’t listening.

The deficit for 2023, reported at $1.7 trillion by the Congressional Budget Office, was really about $2 trillion (or more than twice the $1 trillion recorded a year earlier). The reason for the $300 billion discrepancy lies in Washington accounting conventions. The government counted the Biden administration’s illegal and unconstitutional student-loan program as part of last year’s spending, and then counted the Supreme Court’s rescission of that program as though...

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