The estimated federal budget deficit for fiscal year 2022 hit $1.4 trillion, exceeding projections from May 2022 by $341 billion. The Congressional Budget Office (CBO) recently reported that the overage reflects the Biden administration’s decision to provide student debt relief. Although student debt forgiveness was announced in August, the full multiyear costs are recorded up front on a present-value basis under the Federal Credit Report Act. Receipts rose 1% in part due to higher wages and salaries, mostly among high-income workers. Outlays increased 7% and outlays for interest on the public debt rose 29%, mostly related to inflation adjustments. Here’s the report: https://bit.ly/3Wqozrd Call or visit our website for more information! www.mjscpa.com/
