Congress “solved” the debt ceiling problem by effectively eliminating borrowing limits for the next two years. But it did nothing to address the underlying problem. And that underlying problem is painfully obvious when you look at the monthly budget deficits the federal government continues to run month after month.
In May, the Biden administration piled another $240.3 billion onto the fiscal 2023 deficit, running it to $1.38 trillion with four months left to go, according to the latest Monthly Treasury Statement.
