Economic and Legal Updates

The Congressional Budget Office projected a nearly $2 trillion federal budget deficit for the current fiscal year, attributing it to increased government spending on initiatives like student loan cancellations and Ukraine funding. The deficit reflects rising mandatory spending, interest rates, and new economic policies. Experts cautioned on the impact of borrowing from the public and the Federal Reserve's role in generating money, expressing concerns about inflation and its effects on the cost of living. Additionally, a blocked California ballot measure tightened tax rules, showing the clash between taxpayer control and government funding priorities.