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National Deficit, Inflation Soars Despite ‘Inflation Reduction Act’

The CBO released its deficit estimate which said the U.S. deficit hit about $1.5 trillion.

“Eleven months in, and we have already borrowed $1.5 trillion this fiscal year, compared to $946 billion at the same point last year,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement. “On top of that dismal fiscal news, we still haven’t funded the government past the end of the month – Washington appears to be sticking to its time-honored tradition of governing poorly, and by perpetual crises.”

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