The Congressional Budget Office (CBO) has revised its fiscal year 2024 federal budget deficit projection to $1.9 trillion, marking a substantial increase of $400 billion from earlier estimates, according to ABC News.
This adjustment represents a 27% rise in the deficit forecast, attributed to factors such as increased Medicaid spending, the fallout from the 2023 banking crises, and the passage of a $95 billion aid package for Ukraine, Israel, and the Indo-Pacific region in April, reported NBC News.
