Note: Both plans were released in 2022 and are based on outdated baseline projections; their debt reduction may differ modestly. Sources: Committee for a Responsible Federal Budget; Congressional Budget Office; Republican Study Committee
Posted on 03/09/2023 8:50:25 PM PST by SeekAndFind
The US national debt will balloon by nearly $20 trillion over the next decade under the spending outlined in President Biden’s $6.9 trillion budget proposal released on Thursday.
Under Biden’s budget plan for fiscal 2024, the gross national debt would surge to nearly $51 trillion as of the year 2033 — up from its current level of roughly $31.5 trillion.
The federal debt as a share of US gross domestic product (GDP) would swell to a record 110% by 2033, up from 98% this year – shattering a dubious record that has stood since the end of World War II.
The portion of debt held by the American public would jump $19 trillion, to $43.6 trillion, over the 10 years.
A ballooning federal debt means more taxpayer dollars will go toward footing the bill for interest payments on past spending rather than funding necessary projects in the future.
The spending projections outlined in Biden’s plan are “excessive,” said Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget.
“At $6.9 trillion, spending next year would be higher than any time during the pandemic and about $2.5 trillion above the pre-pandemic level, representing growth of 55 percent.”
Since Biden took office in 2021, the White House has already signed off on more than $5 trillion in new debt tied to legislation and executive orders — including a physical infrastructure bill that received bipartisan support and a broader spending bill dubbed the “Inflation Reduction Act” that passed along party lines last year.
Biden’s latest budget proposal calls for $5.5 trillion in tax hikes over the next decade to offset the cost of various projects, including increased defense spending, a pay bump for federal workers, climate change-related initiatives and extending Medicare benefits.
(Excerpt) Read more at nypost.com ...
Wow!
America is being governed by people who hate America.
So it would really increase by at least $38 trillion. These projections are always off by a factor of two.
Does anyone else have zero confidence that Republicans in the House will stop this?
I think you are right. When will the economy collapse, and what will life be like when it does?
I look forward to the nation of Alaska.
They had better…
Spending us into unrecoverable debt is the plan by the democrat communists.
We get it, Trump allowed the covid lies to influence his policy on our debt resulting in the rise. Do you have any other point?
Trump was horrible in his character assessment for his cabinet and trusting established bureaucrats. Well now know the flaw, at lest anyone paying attention.
Trump also did not force people to take experimental drugs and was the only president in current history to NOT get us into war.
I know how to balance the good with the bad, do you? What I know is EVERY democrat president was nothing but a bag of bad, fiscally, socially, and legally for your rights.
Sometimes a few republicans have brought a few good things, it is the choice of the least bad typically.
We can’t afford Bidet.
Equating the pinheaded failure in the White House to a bidet is unfair to bidets. At least they have a function.
Addled brained Biden needs to be impeached before he does more damage.
The only comfort is that China and/or Russia will have nuked us long before then.
And the Republicans say...?
*CRICKETS CHIRPING* :(
Murder of a once great nation by a sleazy pedophile who sold his soul and his nation for Chinese money.
He was abbeted by a gaggle of brainless fools.
Let’s make Voting Day truly a day. Not a month.
Democrat logic
YOU HAVE TO SPEND YOUR WAY OUT OF DEBT
The greatest money maker they ever had for self.
Cloward and Piven personified.
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