Feds Continue Borrowing over $5 Billion Per Day Despite Credit Downgrade

The federal government is borrowing an average of $5.3 billion per day this fiscal year, the U.S. Congressional Budget Office estimated Tuesday. The new estimate come just days after a top international creditor downgraded the U.S. credit rating.

“The federal budget deficit was $1.6 trillion in the first 10 months of fiscal year 2023, the Congressional Budget Office estimates – more than twice the shortfall recorded during the same period last year,” CBO said. “Revenues were 10 percent lower and outlays were 10 percent higher from October through July than they were during the same period in fiscal year 2022.”

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U.S. Debt Will Nearly Double GDP Within 30 Years, Feds Say

Federal debt will nearly double the nation’s Gross Domestic Product by 2052 if it continues on its current trajectory, the U.S. Congressional Budget Office says in its economic and debt forecast released Wednesday.

U.S federal debt surpassed $30 trillion in February, and the most recent GDP data showed a decline of 1.6% in the first quarter of 2022. GDP second quarter data is set to be released Thursday.

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