As debt climbs to $31T, Dems eye new version of Biden spending bill with Manchin's support

[WestVirginiaRebel]

Just The News

The Democrat-led Congress might still be able to garner enough votes to pass President Biden's massive spending package, despite already raising federal spending by more than 6% and presiding over record deficit and debt levels.

The national debt is climbing to a staggering $31 trillion for the first time in U.S. history. The federal deficit hit record numbers in FY2020 ($3.1 trillion) and FY2021 ($2.8 trillion), driven by large coronavirus stimulus measures. The deficit in the first 5 months of this year is $475 billion.

According to a recent analysis by the Committee for a Responsible Federal Budget, the fiscal year (FY) 2022 omnibus appropriations bill that Congress recently passed "provides $1.512 trillion of budget authority for FY2022, $88 billion (6 percent) higher than FY 2021 levels, $50 billion higher than in the Congressional Budget Office's (CBO) most recent baseline, and in line with FY 2021 levels when adjusted for higher inflation."

The CRFB analysis shows that the spending bill "includes $782 billion for defense and $730 billion for non-defense programs" and raises FY 2021 spending levels by "more than 6 percent on average."

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They always want more...

[Valin]

Mar. 29 2022