BAD BUDGET

In the first four months of FY25, the budget deficit totaled $838 billion; $306 billion more Y-o-Y. Revenues were $11 billion higher, outlays were $317 billion higher. But some of the increase was due to calendar effects. Absent them the deficit would have been $750 billion. Despite the large rise, the CBO still projects the CY25 deficit will be $1.9 trillion, unchanged from CY24, and in my opinion, inexcusably high.