“The federal government has run nearly $2 trillion in deficits over the past year, based on monthly data from the Congressional Budget Office (CBO). Monthly deficits from May of 2022 through this April totaled $1.942 trillion  – which is almost double the 12-month rolling deficit from last summer and also nearly double the deficit immediately prior to the pandemic.

The rolling deficit has been growing since November of last year, driven by rising nominal spending and declining revenue.”