Feds Borrowed $4 Billion A Day In 2022, $10K Per Household

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At a glance

  • Federal debt soared by $1.4 trillion in 2022 as President Joe Biden and Congress approved multiple new spending packages.
  • The Congressional Budget Office released the final details of federal spending in 2022 showing the federal government had a $1.4 trillion deficit last year, borrowing roughly $82 billion in December alone.
  • “This is not a pretty picture no matter how you look at it,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “There are times to borrow – like during a pandemic or major recession – and there are times where we should ratchet down the borrowing, like now when the economy is strong and inflation is hot.”

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