Congressional Budget Office Forecast an Additional $5.4 Trillion Added to Deficit

Issues & Insight

Days after Biden’s speech, the CBO released its latest 10-year forecast for the federal budget. What it reveals is that Biden sharply increased the deficit last year, this year, and next year, and he has set the country on course to add a total of $5.45 trillion to the federal deficit over the following decade.

How do we know this? Because two years ago, when the CBO released its 2021 budget forecast, it did so before any of Biden’s policies had been enacted. That report assumed that the laws in place at the end of President Donald Trump’s term remained in effect for the next decade. So, it serves as a baseline against which we can measure the impact of Biden’s policies. More