Lubbock Times

The Congressional Budget Office (CBO) has released its final monthly budget review for the fiscal year 2024, highlighting significant economic challenges under the Biden-Harris Administration. The report indicates that both revenues and spending have increased compared to last year, yet the widening gap between them has led to a substantial rise in national debt.

House Budget Committee Chairman Jodey Arrington commented on the CBO's findings: “Today’s report by the Congressional Budget Office confirms that the Biden-Harris Administration has grown the deficit by $1.8 trillion this year." He further criticized the administration's financial strategies, stating, "The Biden-Harris agenda of unbridled spending and record inflation has pushed our nation further along a completely unsustainable path."

Interest payments on national debt have reached $950 billion, marking a 34 percent increase. Arrington warned, "Unless Congress gets serious about reining in federal spending, we will be leaving the next generation of Americans with a weaker economy and declining nation.”

The national debt now stands at $35.7 trillion, surpassing the size of the U.S. economy. This equates to more than $100,000 owed per person in America today. To cover expenses, borrowing exceeds $70,000 every second.

Despite hopes for post-crisis normalization following COVID-19, spending remains elevated three years after its end. Last year's expenditure rose by $617 billion or 10 percent.

Revenue growth was also noted in the report; revenues increased by $479 billion or 11 percent over last year. Medicaid saw a relatively modest rise due to policy changes removing COVID-era enrollment requirements.

Further details from Chairman Arrington include concerns over Medicaid spending on services for illegal immigrants and a decline in consumer confidence amid rising interest payments during President Biden's term.