Where Did 2022’s Extra National Debt Growth Come From?

In Analysis by Michael Rae

In its 2022 fiscal year, the U.S. national debt increased by $2.5 trillion. But the U.S. government’s budget deficit for the year was $1.375 trillion. How is that possible?
If there was more fiscal responsibility in Washington D.C., it wouldn’t have. But Washington D.C. is not known for fiscal responsibility, so now we have an accounting problem. To solve it, I looked at spending that either was not on the table when the federal government’s FY 2022 budget was proposed or that involved hangover spending from FY 2021. The chart below illustrates the various items that went above and beyond what

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