The U.S. government’s deficit is expected to double from $1 trillion in fiscal year 2022 to $2 trillion this fiscal year, according to the nonpartisan Committee for a Responsible Federal Budget. The increase is largely due to a 16% increase in spending, partly driven by higher interest rates, and a 7% decrease in revenue. …

At the end of July, the U.S. government had spent $5.3 trillion and collected $3.69 trillion in revenue. That put the deficit at $1.6 trillion year-to-date. But the fiscal year doesn’t close until the end of September.

[Just remember to apply the Vinny Gambini filter to every claim Joe Biden makes, especially on his economic policies, and you’ll never go wrong. — Ed]