That’s the highest total outside of the COVID-19 pandemic, and now Congress wants to borrow even more.
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PresidentDonaldTrumpstoodbeforeajointsessionofCongresslessthansixweeksagoandvowedtodosomethingthathasnotbeendoneinnearlyaquartercentury:balancethefederalbudget.
NewnumbersfromtheTreasuryandrecentdevelopmentsinCongresssuggestthat’snotgoingtohappen.Indeed,allindicationsarepointingintheoppositedirection.
Thefederalgovernmentborrowed$1.3trillionduringthefirstsixmonthsofthecurrentfiscalyear,theTreasuryDepartmentreportedlastweek.That’sthesecond-highestsix-monthtotalinhistory,bestedonlybytherecordsetinthemidstoftheCOVID-19pandemic.
Spendingisontherisetoo.Overthefirstsixmonthsofthefiscalyear,thefederalgovernmentspentmorethan$3.5trillion,upfromthe$3.25trillionspentduringthesamesix-monthperiodinthepreviousfiscalyear.Year-over-yearspendingisupby$139billionduringthethreemonthssinceTrumpwasinaugurated,accordingtotheTreasurydata.
Meanwhile,CongressismovingaheadwithaRepublican-backedbudgetpl
