- The Committee for a Responsible Federal Budget released a report Monday saying a Congressional Budget Office report released earlier in the day shows the U.S. is borrowing on average $6 billion a day so far in fiscal year.
- “Our fiscal challenges will only become more difficult the longer we wait to do anything,” said Maya MacGuineas, president of the CRFB. “In just five years, the national debt will surpass its record as a share of the economy – set just after World War II, when we had no choice but to borrow to win the war.
- The headline number in the CBO report is the cost of payments on the federal debt increased 41% in the first six months of the fiscal year because of higher interest rates – driving the deficit up to $1.1 trillion over the period.
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Feds Borrowing $6 Billion A Day, Budget Group Finds
