This year's projected government budget deficit has jumped by $130 billion, due in part to a proposed change to student loan repayment plans and a series of bank rescues organized by federal regulators, the Congressional Budget Office said Friday .
Revenue collections through April were lower than the agency expected, resulting in a projected budget deficit of $1.5 trillion for 2023, the office’s update to the nation’s 10-year budget outlook says.
The updated 10-year projection comes as President Joe Biden and congressional leaders try to break an impasse on raising the legal limit on federal borrowing to support the government’s debts. Democrats and Republicans have disagreed on whether and how to raise the ceiling. The budget office says future spending could vary significantly, based on a case before the U.S. Supreme Court regarding student loan cancellation. In addition, a series of bank failures also prompted the Federal Deposit Insurance Corp. to unexpectedly spend money to protect depositors after the f ailures of Silicon Valley Bank and New York-based Signature Bank in March.
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