• 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.”

Tagged: #Bidenflation