US deficit is projected to roughly double this year, watchdog says

The U.S. government’s deficit is expected to double from $1 trillion in fiscal year 2022 to $2 trillion this fiscal year, according to the nonpartisan Committee for a Responsible Federal Budget. The increase is largely due to a 16% increase in spending, partly driven by higher interest rates, and a 7% decrease in revenue. 

Here are the most recent numbers straight from the Treasury Department: 

At the end of July, the U.S. government had spent $5.3 trillion and collected $3.69 trillion in revenue. That put the deficit at $1.6 trillion year-to-date. But the fiscal year doesn’t close until the end of September.  

​​According to the Straight Arrow News Media Miss™ tool, this story is a Media Miss for the left. The Media Landscape indicates that while right-leaning and center-oriented outlets are covering this story, fewer left-leaning outlets are reporting on the topic.

According to data from Ground.News, 60% of the outlets reporting on this are considered right, 20% are center and 20% are considered left. 

Here’s a look at the reporting from the left, right and center: 

The Washington Post – Left

The Washington Post wrote that the current surge in the deficit is “coinciding with a period of unusually strong economic growth, amid historic lows in unemployment and robust corporate profits.”

“To see this in an economy with low unemployment is truly stunning,” Harvard Economics professor Jason Furman told the Post. “A good and strong economy, with no new emergency spending — and yet a deficit like this. The fact that it is so big in one year makes you think it must be some weird freakish thing going on.”

The Hill – Center

The Hill reported that “high interest rates, lower tax revenues and high inflation resulting in higher Social Security and Medicare costs have all contributed to the rising deficit.”

The Wall Street Journal – Right

The Wall Street Journal reported that “something strange is happening with the federal budget this year.” 

“The deficit has exploded…such a surge typically could be expected to stimulate growth and, in turn, inflation.” The article said. “But inflation has steadily dropped over the same period. The mismatch is a reminder that wider deficits don’t always lead to higher inflation, a potentially important lesson as the gap between spending and revenue grows in the future.” 

Straight Arrow News strives to provide unbiased, fact-based news in addition to offering a comprehensive look at how the media is covering stories that matter most. Learn more about the Media Miss™ tool and decide for yourself.