The Deficit Was Cut in Half in 2022 Thanks to the Expiration of Pandemic-Related Spending
One of the largest drivers of that rising debt is federal spending on major healthcare programs, such as Medicare and Medicaid.
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One of the largest drivers of that rising debt is federal spending on major healthcare programs, such as Medicare and Medicaid.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for March 2020.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-march-2020
"Committee passage of the Fiscal Commission Act is an important step toward a comprehensive approach to stabilizing our rapidly growing national debt," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
"It is easy to look at the state of American politics and feel despair. Instead, we should be motivated to solve big problems," writes Robert Portman
The pandemic caused a severe economic slowdown that reduced tax revenues and generated a set of large legislative responses.
https://www.pgpf.org/blog/2022/10/how-did-the-pandemic-affect-the-way-we-look-at-deficits
Tax breaks totaled over $1.8 trillion in 2023. To put that in perspective, that’s more than the government spends on Social Security, defense, or Medicare and Medicaid.
https://www.pgpf.org/blog/2023/12/eight-of-the-largest-tax-breaks-explained
Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today following the release of the Monthly Treasury Statement, which showed a deficit of $234 billion.
Over the next 10 years, the cumulative deficit would total $13.9 trillion if the President’s policies were carried out.
https://www.pgpf.org/blog/2021/09/deficits-will-remain-over-1-trillion-for-the-next-decade
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for November 2018, which was the first month of fiscal year 2019.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-november-2018
Each proposal presents a distinct vision of the role of the federal government in our economy.
https://www.pgpf.org/analysis/fiscal-year-2013-budget-proposals