CBO Projects $400 Billion Increase in 2024 Federal Deficit
Higher spending on foreign aid, student loan forgiveness, and Medicaid are key contributors, says Congressional Budget Office.
- The CBO revised its 2024 deficit estimate to $1.9 trillion, a 27% increase from February's projection.
- Major spending drivers include military aid to Ukraine and Israel, and domestic programs like student loan forgiveness and Medicaid.
- The national debt is projected to reach $50.7 trillion by 2034, equating to 122% of GDP.
- Higher interest rates are increasing the cost of servicing the national debt, with interest payments expected to rise significantly.
- Lawmakers face upcoming fiscal challenges, including decisions on tax cuts and debt limits.
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