Biden-McCarthy Budget Challenge Worsens on New CBO Estimates
- CBO estimate of US debt grows to $52 trillion by 2033
- Debt limit must be raised by as soon as July, CBO says
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The clash between President Joe Biden and House Speaker Kevin McCarthy over US fiscal policy is set to intensify after the Congressional Budget Office warned of a sharp deterioration in the federal budget.
“The fiscal trajectory is unsustainable,” CBO Director Phillip Swagel told reporters Wednesday. “Our spending is outpacing our revenue,” he said after his agency released updated long-term projections. “At some point something has to give.”