Federal spending soars as deficit hits $830 billion so far into FY2024 despite revenue increases

House Speaker Mike Johnson is currently weighing how much foreign aid the U.S. can afford to provide Ukraine, Israel and Taiwan.

Published: April 2, 2024 11:05pm

Updated: April 3, 2024 2:14pm

The U.S. government's budget deficit has already hit $830 billion with 7 months left in the fiscal year 2024 while the federal revenue is up compared to the same period of fiscal year 2023.

"The government is running a cumulative deficit of $830 billion so far in FY2024," according to a Bipartisan Policy Center analysis of U.S. Treasury data through February 2024. "Revenues were $1.9 trillion through February, an increase of 7%" compared to fiscal year 2023, according to the analysis.

The U.S. Treasury says that federal spending is up by $227 billion this fiscal year compared to the same period of fiscal year 2023. The totals for March 2023 have not been released yet by the Treasury Department. 

The deficit was $298 billion in February alone, which is $36 billion more than last February, the Congressional Budget Office reported. The CBO is projecting a $1.6 trillion deficit for fiscal year 2024 and a $1.8 trillion deficit for fiscal year 2025. 

The 2025 projection is the same amount under President Biden's proposed $7.3 trillion federal budget. Biden's budget proposal includes a "gross tax hike of about $5.3 trillion from 2024 to 2034," according to the non-partisan Tax Foundation. 

As the deficit continues to rise, House Speaker Mike Johnson, R-La., is currently weighing how much foreign aid to provide Ukraine, Israel and Taiwan.

He hasn't scheduled a vote on the Senate-passed foreign aid package of $95 billion, given that it has been heavily criticized by members of his party. The Senate package does not contain any provisions to cover its cost. Senate Majority Leader Chuck Schumer has characterized the spending as "an emergency" that does not need to be paid for with spending reductions.

Some conservative Republicans aren't satisfied with reports that Johnson is considering multiple options for providing Ukraine with additional war funding.

"Speaker Johnson is going to give Ukraine $60 billion next week and claims part of it is a 'LOAN' to Ukraine. It’s absolutely ridiculous and laughable to even try to tell the American people that Ukraine will ever pay us back! Our government funds Ukraine’s government at $1 billion every single month just to keep their government running," wrote Rep. Marjorie Taylor Greene, R-Ga., on X Tuesday.

"We are even paying their pensions! But there are two countries that could afford to pay us back. Israel and Taiwan. Why are we giving them money for free for the defense of their countries yet “loaning” money to broke and corrupt Ukraine?? Why isn’t our government brokering peace in Ukraine? The American people are NOT stupid and are sick of being fed these BS scams," she added.

One the options Johnson is reportedly considering is a requirement that Biden reverse a moratorium he imposed on new permits for liquefied natural gas export facilities as part of a legislative package that provides Ukraine with additional war funding.

Just the News reached out to Johnson's office to confirm the report. In response, a spokesperson said the speaker is engaged in a lot of ongoing conversations but nothing has been determined yet.

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