Federal debt soared by $1.4 trillion in 2022 as President Joe Biden and Congress approved multiple new spending packages.
The Congressional Budget Office released the final details of federal spending in 2022 showing the federal government had a $1.4 trillion deficit last year, borrowing roughly $82 billion in December alone.
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Increased inflation could ultimately be a net positive for the U.S. economy and large government spending won’t overheat the economy, Treasury Secretary Janet Yellen told Bloomberg.
Treasury Secretary Janet Yellen, who previously chaired the Federal Reserve, said the central bank has been more concerned about inflation levels that are too low, according to Bloomberg. Increasing consumer prices could signal a return to normal, she said.
“We’ve been fighting inflation that’s too low and interest rates that are too low now for a decade,” Yellen told Bloomberg in an interview Sunday.
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