The CBO's latest budget update showed the federal deficit was up $200 billion year-over-year as of January, despite President Biden's claims about his deficit reduction efforts.
Sen. Rand Paul, R-Ky., reacts to claims the GOP will cut Social Security and Medicare on"Kudlow."
The U.S. ran a record-setting deficit of more than $3.1 trillion in FY2020 after Congress approved trillions of dollars of new spending on temporary COVID-19 programs on a bipartisan basis, including those under the CARES Act in the early weeks of the pandemic-induced lockdowns. The deficit narrowed further to nearly $1.4 trillion in FY2022 as more pandemic spending came to an end, although that was still the fourth-largest annual deficit in U.S. history.
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