BUSTED BUDGET

The CBO now projects the FY2024 deficit at 6.7% of GDP, up from 5.3% in February. Through 2034, revenues are expected to be around their 1974-2023 average of 17.3% of GDP, but spending is projected to be 24% of GDP, well above the historic 21%. The deficit will explode to over 6%/annum, well above the 1974-2023 average of 3.7%. Neither party is offering anything resembling fiscal responsibility. Profoundly depressing.