U.S. budget deficit will double this year to $2 trillion, excluding student loans, CBO says

The U.S. federal budget deficit will double from $1 trillion last year to $2 trillion this year, when President Joe Biden’s unsuccessful plan to forgive student loans is excluded, according to a new estimate from the Congressional Budget Office on Monday.

According to the CBO’s estimate, so far this fiscal year, revenues are 10% lower and outlays are 3% higher than the prior year. House Republicans point to it when pushing their plans to cut spending further than was agreed to when the debt ceiling was raised. Democrats in the White House and the Senate counter that Republicans refuse to consider any tax hikes on the wealthy to help boost government coffers and reduce the deficit.

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