- Federal debt soared by $1.4 trillion in 2022 as President Joe Biden and Congress approved multiple new spending packages.
- The Congressional Budget Office this month 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.
