Federal debt soared by $1.4 trillion in 2022 as President Joe Biden and Congress approved multiple new spending packages.
The Congressional Budget Office this month released the final details of federal spending in 2022 showing the federal government had a $1.4 trillion deficit last year, borrowing roughly $82 billion in December alone.
“This is not a pretty picture no matter how you look at it,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “There are times to borrow – like during a pandemic or major recession – and there are times where we should ratchet down the borrowing, like now when the economy is strong and inflation is hot.”
MacGuineas pointed out last year’s borrowing totals more than $10,000 per household and $4 billion per day.
The federal debt surpassed $31 trillion in the fall.