Lubbock Times

The Congressional Budget Office (CBO) has released its Monthly Budget Review for January 2025, reporting a federal budget deficit of $838 billion in the first four months of fiscal year 2025. This figure marks an increase of $306 billion compared to the same period in the previous fiscal year.

House Budget Committee Chairman Jodey Arrington commented on the CBO's report, stating, "In the final four months of the Biden-Harris administration, the federal budget deficit totaled $838 billion. That’s $306 billion more than the deficit recorded during the same period last fiscal year. Out-of-control deficit spending and unsustainable debt is the greatest long-term threat to our country and our children’s future."

Arrington emphasized that ignoring this financial situation would be "exceedingly reckless" and highlighted concerns over "massive amounts of wasteful and unnecessary spending." He further noted that national indebtedness has reached levels comparable to wartime periods and pointed out that interest costs have surpassed national defense expenditures.

Arrington urges immediate action to address these fiscal challenges. For more detailed insights, he has penned an op-ed in The Wall Street Journal discussing national debt issues and risks associated with rising interest costs.