CBO Revises 2024 Budget Deficit Forecast to $1.9 Trillion

Published on June 18, 2024

The U.S. budget deficit is expected to be $1.9 trillion for fiscal year 2024, higher than the $1.5 trillion forecast in February, according to the updated outlook of the Congressional Budget Office (CBO) released on June 18. The CBO’s latest projections account for recently enacted legislation. This includes a $145 billion increase for student loan-forgiveness schemes, a $50 billion boost for Medicaid, and $95 billion in emergency supplemental appropriations for aid to Ukraine, Israel, and Indo-Pacific countries. The revised outlook also consists of $70 billion for deposit insurance “because the Federal Deposit Insurance Corporation (FDIC) is not recovering payments it made when resolving bank failures in 2023 and 2024 as quickly as CBO previously anticipated.”...

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