The federal budget deficit will hit $1.9 trillion this fiscal year, according to an updated projection released Tuesday by the Congressional Budget Office. That’s 27% – or $400 billion – larger than the agency estimated in February. . . .
Most of the spike in the fiscal 2024 deficit stems from four factors that are expected to boost projected spending. The largest is a $145 billion increase due to changes the Biden administration made to student loan repayment plans and a new, proposed forgiveness program that would waive some accrued interest for millions of borrowers. . . .
Also, the CBO increased the projected outlays for deposit insurance by about $70 billion because the Federal Deposit Insurance Corporation is not recovering disbursements it made when resolving five bank failures from the last fiscal year and this fiscal year as quickly as anticipated. . . .
Newly enacted legislation is increasing projected discretionary spending by $60 billion . . .
and estimated spending on Medicaid is about $50 billion higher because actual outlays so far in fiscal year 2024 have been larger than expected. . . .
The second biggest item (biggest in this case is not an absolute, but rather "exceeded the estimate by how much) is deposit insurance payouts. ($70b this year alone)
Remember Silicon Valley Bank? First Republic? Signature?
Well people and businesses who keep more than $250k in checking and savings (not at all unusual for a business) should not keep it in a standard bank account. They should keep it in a money market account with a checking feature.
If you don’t, and your bank collapses, there is no guarantee the FDIC will bail you out.
Well, a lot the the customers of those banks are engineers who never took a business course and never listen to people who did, so they stood to lose a lot of money as a result of their poor (and possibly shady) business practices. Fortunately the US taxpayer came to the rescue, otherwise those guys might have wound up living like the rest of us, (and that would be bad, wouldn’t it?)
The Congress person this idiot works for should seriously consider whether she wants this dimwit on her team. Talk about tone deaf!!!
“ Kamens had $8,250 in student loans dating as far back as 2010 forgiven by the Education Department’s Saving on a Valuable Education (SAVE) Plan, which is expected to bilk US taxpayers of $475 billion over the next 10 years… The Kaptur spokesman netted around $80,000 in 2023, according to the congressional staff salary database on LegiStorm.
In Ohio’s Ninth Congressional District, which Kpatur represents, the median household income was $62,077, US Census Bureau data shows.
Kamens’ post had received more than 18.7 million views as of Thursday morning, with many netizens slamming the Kaptur aide and pointing out the address listed on the form was a half-million dollar house in Pennsylvania…” this guy apparently was a Philadelphia Eagles season ticket holder, almost $2700 a year.
As Charles Cooke from the National Review pointed out…” “No doubt the working people of America are thrilled to step in because, despite having received the service you took out the loan to buy, you couldn’t be bothered to pay off $8,250 in principal in fourteen years—which is $589/year,”.
Trump needs to bring this up during the debate…and make it clear how waitress, labors and all those that went through the school of hard knocks to learn a trade are being screwed over by Biden actions/bribery.
