Billionaire Fink has added his name to the growing chorus, telling Squawk on the Street this week: 'This is my message not just to the U.S. but to every country right now: We have rising deficits, no one is spending enough time talking about deficits, the U.S. deficits are the largest in the world-growing at the fastest rate in the world-and we need to be finding ways to minimize the role of the deficit on the economy, on interest rates, on inflation.'
According to the Congressional Budget Office (CBO) there's little good news on that front. In its latest update the CBO wrote: 'In CBO's current projections, the deficit for 2024 is $400 billion (or 27%) larger than it was in the agency's February 2024 projections, and the cumulative deficit over the 2025-2034 period is larger by $2.1 trillion (10%).'
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