The federal deficit is expected to double this year compared to last year, reaching a historic level comparable to major crises such as the COVID-19 pandemic and the Great Recession. President Joe Biden has claimed to be cutting the deficit, but it is actually only slowing down. The deficit for the current fiscal year has already reached $2.2 trillion. This has led to concerns about federal policy and the impact on the economy, including potential increases in interest rates and a federal debt crisis. The data also poses challenges for House and Senate Democrats’ plans to increase spending for progressive initiatives and undermines Biden’s budget and reelection narratives.
