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New Report Says Ukraine Aid, Student Loan Bailouts Will Push Federal Budget Deficit to $2 Trillion This Year

Posted on AllSides June 18th, 2024
From The Right

A troubling report from the Congressional Budget Office is forecasting that this year’s budget deficit will hit $2 trillion, an increase of $408 billion since the CBO’s estimates in February. That spike is fueled by the $145 billion estimated cost of the Biden administration’s student loan forgiveness plans and billions of dollars in aid to Ukraine, Israel, and Free China, the CBO notes. The agency also projects that “relative to the size of the economy, debt swells from 2024 to 2034.” Debt will increase to 122 percent of the GDP...

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