How Bad Is The Proposed Biden Budget?

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Topic: How Bad Is The Proposed Biden Budget?

Randall
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Posts: 172341
From: I hold a Juris Doctorate (J.D.) and a Legum Magister (LL.M.)!
Registered: Apr 2009

posted May 21, 2023 11:32 PM

As of April this year, the federal government has had revenues of $2.69 trillion. But it has spent so far $3.61 trillion. The national debt as of April was $31.46 trillion. In 2022, the federal government collected $4.9 trillion. But under the Biden administration, the federal government spent $6.27 trillion. That comes to $1.38 trillion in debt last year.

U.S. Department of the Treasury Fiscal Data

It gets worse. Much worse.

Between 2021 and 2031, the debt will be $6 trillion higher than was projected when Biden took office.

Between 2024 and 2033, interest costs from borrowing will total $10.2 trillion.

The Biden budget would increase debt held by the public from $32.7 trillion to $50.7 trillion by 2033.

U.S. Senate Budget Committee
March 2023

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Randall
Webmaster

Posts: 172341
From: I hold a Juris Doctorate (J.D.) and a Legum Magister (LL.M.)!
Registered: Apr 2009

posted May 24, 2023 02:11 PM

This is why the debt limit budget by the House is so critical.

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