Here’s How Much The Israel-Ukraine Aid Bill Added To The Deficit
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There’s a lot more red ink on the federal budget now than there was in February, due in part to large federal spending bills passed in the meantime.
That’s according to a report from the Congressional Budget Office Tuesday, which showed the government will spend $1.9 trillion more than it collects in taxes in 2024, up 27% from the nonpartisan research office’s most recent estimate in February. A major contributor to the deepening shortfall was a $95 billion spending package passed in April sending military aid to Israel, Ukraine, and Taiwan.
A few billion here, a few billion there, and soon it starts to add up: The new budget projections also incorporated estimates for how much President Joe Biden’s proposed student loan forgiveness program will cost ($145 billion); new spending from the…
