U.S. News
Biden’s Proposed Budget Could Result in Record-High US National Debt [Video]
WHAT YOU SHOULD KNOW!
- President Biden’s $6.9 trillion budget proposal will increase US national debt by almost $20 trillion over the next decade.
- The gross national debt is expected to reach almost $51 trillion by 2033, up from its current level of around $31.5 trillion.
- The federal debt as a share of US GDP would hit a record high of 110% by 2033, up from 98% this year.
President Biden’s proposed $6.9 trillion budget has sparked concern about the nation’s increasing debt levels. The plan, which outlines spending for the fiscal year 2024, would result in a nearly $20 trillion increase in the US national debt over the next decade.
If the proposal is enacted, the gross national debt is expected to reach almost $51 trillion by 2033, up from its current level of around $31.5 trillion. This would result in a federal debt as a share of US GDP hitting a record high of 110% by 2033, up from 98% this year.
The plan includes $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.
However, the ballooning federal debt means that more taxpayer dollars will be spent on interest payments on past spending rather than funding necessary projects in the future.
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. This includes 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.
While the White House claims the budget plan would reduce the federal budget deficit by nearly $3 trillion over time, some experts remain skeptical.
“[It] will require presidential leadership to enact real changes, and this budget does not go nearly far enough to make reining in our dangerous debt levels a top national priority,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.
As Republicans and Democrats remain deadlocked in talks to raise the federal debt ceiling and avert the potential economic catastrophe that a US default would bring, Republicans are all but certain to reject the president’s budget proposal, having demanded spending cuts as a prerequisite to increasing the federal borrowing limit.
Source: nypost.com
CandygramForMongo
March 11, 2023 at 6:36 am
And this n!@@er said he’s lowered the deficit………he really is the dumbest phucktard we’ve EVER had as (p)resident. HANG THIS AZZHOLE FOR TREASON!!!!
Diane Blair
March 11, 2023 at 6:54 am
He should have been removed from office a long time ago. He is not fit to run the country & everyone involved in keeping him in office should be spending their years in prison. Our country has never before had to deal with what we have gone through with this administration. The incompetence will be our ruination.
Rudy
March 11, 2023 at 11:21 am
It’s not incompetence. It’s deliberate!!! And going exactly as they planned!
Moparguy
March 11, 2023 at 7:11 am
What’s Joe’s cut?
Rudy
March 11, 2023 at 11:23 am
I don’t know but Hunter got 20 million of what we recently gave Ukraine. That’s what I read anyway.
Gunny Gil
March 11, 2023 at 4:37 pm
A place in the Chi- Com government for he and his son
john furlong
March 11, 2023 at 7:28 am
Impeach this tax and spend asshole, BEFORE he destroys America
James
March 11, 2023 at 7:59 am
The Debt is now $31.4 Trillion and going up by the minute. The taxpayers are now paying about $1.7 billion a day in interest How much will the interest be on $51 trillion? About double what it is now? The country will be bankrupt. There will be no more government programs, no SS, no medicare, no money to fund the military, no money for salary or benefits of any kind. If you think your taxes are high now, just think what they will be then. Your taxes will go through the roof. If you think crime is bad now, what’s it going to be like when this happens? What happens to our businesses when people have no money to buy food or anything else they need.What is going to happen when we no longer have the money to fund the military? Some other country will probably just walk in and take over. Couldn’t happen? You can bet your botton dollar it could happen., and probably will if we allow what is happening today to keep going, while we do mothing. The politicians could care less. They are most all millionaires, will do anything, no matter how much it hurts the American people or this country. Have one goal in mind. Get re=elected, because they know they cannot get a job anywhere that pays what they are being paid with the benefits they are getting for doing nothing. We need to have a house cleaning in Washington, put in some business people that know how to run this country. The one we have now couldn’t run a lemonade stand. he would forget to put in the lemons. Oh, I forgot, that was Trumps fault, he was supposed to put in the lemons. Gpd, please help us.
Phil Peden
March 11, 2023 at 9:19 am
Well said. Couldn’t have put it any better. 😃
Sean Richman
March 11, 2023 at 10:13 pm
Everything that you posted is totally”on spot”.Joey mumbles and his cult are destroying AMERICA,bit by bit.These entities hate AMERICA and AMERICANS.All that they care about is wealth and power,FOR THEM AND THEIR CULT,ONLY !!!!
Michael Molin
March 12, 2023 at 2:39 pm
You summed it up perfectly.
CPO Bill
March 11, 2023 at 11:03 am
Debts don’t bother him as he has crooked hunter’s crooked cash!
Michael Kandoll
March 11, 2023 at 11:31 am
It will never be easier to start re-paying our ever ballooning national debt than it is right now. As time goes on, the price just goes higher and higher until the whole thing topples over and we as a nation go bankrupt. There will be anarchy, which means rampant crime and chaos in the streets, electric outages, banking failures, ATMs won’t give out any money, food shortages, and poisoned water. We should all buy guns and ammunition, and build our stock piles of emergency food and water.
Diane Adinolfi
March 11, 2023 at 1:02 pm
A lot of the money that old money bags is sending to the Ukraine is being funneled back to him courtesy of Zelinski
robert
March 11, 2023 at 1:19 pm
shoot the bastard
Gunny Gil
March 11, 2023 at 4:41 pm
Better yet, hang in in frint of the white house on a specially constructed gallows and lety his putrid body stay there while the scavengers eat some of it. Once a round is used it is gone but a good rope can be used over for the likes of Hunter, Pelosi, Schumer, Hanio Jane, and Whoopi
Ox
March 11, 2023 at 10:27 pm
I don’t know why McCarthy wants to meet with Lying Corrupt Quid Pro KING Joe over the budget? In Corrupt Quid Pro’s world, it’s either his way or the highway-no compromise. McCarthy better stand firm and not give an inch, other wise the voters will know the Republicans are all (FOS). Same old Republicans, all talk and no action. Let the U.S. default. The liberal commie Democrats have nothing better to do than spend tax dollars on stupidity. Corrupt Quid Pro wants the billionaires to pay their fair share to help pay for Medicare. He is trying to convince the public that Medicare is the problem? Medicare isn’t the only issue. Corrupt Quid Pro is the problem. Corrupt Quid Pro wants to tax America beyond recognition. The more money the govt, gets, the more they spend, the more the deficit goes up. Reads good on paper, Corrupt Quid Pro is going to raise the taxes on energy and the Corporations. Only Exxon/Mobile won’t be paying those taxes. Every time one goes to the gas pumps, the consumer will be paying those taxes. Exxon/Mobil will just tack on the extra costs to a gallon of gas and a quart of oil. Consumers get a double whammy. Every time an 18 wheeler fills up, the consumer will be paying for that one also. The increase in Transportation costs will be tacked on to the goods one buys at the supermarket. Do expect one’s utility bills to go up also. If one voted for Corrupt Quid Pro, send the incompetent a thank you card.
James
March 12, 2023 at 10:05 am
One of the first things that Biden did was shut down all drilling on federal property. He also shut down the pipe lies that were being installed to carry the oil. Gas and desiel prices went thru the roof. Truckers hauling produce and products we need have to have more money to haul the merchandise. The consumer has to pay for it. My wife and I were over the road truckers for several years. Desiel was 60 cents a gal at the time. It took about 400 gallons to go coast to coast, at a cost of about $240. Now with desiel at about $5 a gal, the same trip costs the trucker $2000 in fuel alone, not counting extra costs of things like tires etc. And you wonder why the price of everything has gone thru the roof? Before this happened, we were producing enough oil and gas that we were exporting it. Now we are back to importing them at outragious prices. The Biden Administration’s policies are killing this country. We are on our way to bankruptsy. No more goverment programs, like SS and medicare, no more money for funding the military, any country could just walk in and take over, crime is skyrocketing, not safe in or out of your homes anymore, help wanted signs everywhere you look, businesses closing that have been operating for decades, schools not teaching our children things like reading, writing and arithmatic but about transgeder programs and sex. Theis country has gone crazy and it’s mostly because of the crooked politicians we have running this country God help us.
John Modlin
March 12, 2023 at 2:40 pm
James, well said, but I worry about you. The swamp has no problem terminating anyone who rains on their precious cash cows. Ashli Babbitt was doing just that when she was trying to get the Capital Police to do their jobs . Watch your six. When you start your car and it goes “boom “ it’s too late to be careful.