The Congressional Budget Office (CBO) has warned that America could default on its debt sometime over the summer. CBO Director Phillip L. Swagel warned that the federal government's borrowing power will be severely blunted if President Joe Biden and House Republicans don’t agree on the debt ceiling soon. “If the…
By the end of the fiscal year 2022, the U.S. federal budget deficit was a staggering $1.4 trillion, despite shrinking, according to estimates published by the Congressional Budget Office (CBO). For this past fiscal year, which ended September 30, the deficit was around half of the prior year. For the…
