Federal Deficit Soars to $1.9 Trillion, Driven by Student Loan Forgiveness

Congressional Budget Office reports a 27% increase in the 2024 deficit, with significant contributions from executive actions on student loans.

The CBO's revised forecast shows a $400 billion increase from earlier estimates.
Student loan forgiveness accounts for $145 billion of the deficit spike.
Additional costs include $70 billion for bank bailouts and $60 billion for international aid.
Medicaid expenses also contributed to the higher deficit.
Experts warn of potential long-term debt impacts and fiscal instability.