Federal deficit unexpectedly set to double this year
Neil Irwin
The federal deficit is expected to nearly double this year, from about $1 trillion last year to $2 trillion for the fiscal year ending Sept. 30
Why it matters: There's no precedent for deficits this large, as a share of the economy — outside war, deep recession or pandemic.
The WashPost's Jeff Stein reported Sunday on the stunning projected figure from the Committee for a Responsible Federal Budget.
Between the lines: Such huge spending imbalances contribute to high interest rates for consumers — including mortgages — in the short run.
In the long run, it means interest costs will likely squeeze all other federal priorities.
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https://www.axios.com/2023/09/04/federal-deficit-double-despite-economic-growth
