The U.S. government’s budget deficit in 2024 will be 27% larger than the Congressional Budget Office predicted just four months ago.

In February 2024, the CBO projected that spending would exceed revenues by $1.507 trillion during its 2024 fiscal year. Four months later, the CBO updated its deficit projection, increasing it by $408 billion. The CBO now estimates the U.S. government will rack up $1.915 trillion worth of red ink by the time the federal government’s 2024 fiscal year ends on September 30.

Reuters summarizes the additional spending that is blowing up the budget deficit: “The CBO said in an update to its budget outlook, opens new tab that higher outlays for student loan relief, Medicaid healthcare for the poor, higher Federal Deposit Insurance Corp costs to resolve bank........

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