The Congressional Budget Office monthly report shows that since the federal government’s fiscal year started in October, the budget deficit is already $622 billion, which is 40% higher than it was at the same time in 2023.
At this rate, the federal government will be running an annual budget deficit of $3.7 trillion by September, 2025, the highest ever.
It’s part of the financial damage that President Joe Biden is leaving the Trump Administration, which starts Jan. 20.
Overall, the U.S. debt is now over $36 trillion. That’s the amount that the country has borrowed from foreign governments, institutions, and citizens who invest in U.S. Treasury bonds. Japan, China, the United Kingdom, Belgium, and Luxembourg are the countries that own the majority of U.S. debt. Every taxpayer in America owes at least $209,000 for this spending of borrowed money.
Just two months into the fiscal year, Biden appears to intent on making America’s fiscal catastrophe worse. He traveled to Angola a week ago to announce another $600 million in new financing for infrastructure in that country, part of $4 billion the Biden Administration has sent to Angola for the rail and port projects connecting Angola to Zambia.
