In fiscal 2023, the Biden administration incurred a staggering $1.695 trillion budget deficit, marking it the third-largest in U.S. history. This financial shortfall was surpassed only during the tumultuous COVID-19 years of 2020 and 2021. The fiscal year ended in September with a deficit of $170.98 billion, more than double the initial projection. This figure … Read more
Six states have filed a lawsuit to stop Biden’s plan to cancel student debt. The lawsuit claims that the state’s higher education lending programs would suffer as a result of the lawsuit, as will tax revenues. Republican attorneys general from Missouri, Nebraska, Arkansas, South Carolina, and Kansas, and an attorney for Republican Iowa Gov. Kim … Read more
The White House’s action is completely at odds with its talk of deficit reduction, MacGuineas said. By forgiving billions in student loans, the nation’s deficit will increase twice as much – it reached $2.8 trillion in the fiscal year 2021, the second-highest in history – undoing the $300 billion Democratic plans for deficit reduction. She added that the president undid a year’s worth of work on the fiscal front with a pen stroke.