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We told you on Saturday about the hilarious White House claim that its trillion-dollar student-loan cancellation won’t add to the federal deficit. Now comes the Congressional Budget Office to show how dishonest the White House claim is.
CBO released its monthly budget review for August on Friday, and it confirms our explanation for why the deficit has so far fallen some $1.77 trillion to $944 billion this fiscal year. Some major pandemic spending programs have ended as planned, and taxpayers have chipped in $822 billion through August in additional revenue. Individual income taxes alone are up 32% in the year, to $2.41 trillion.
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