Are you worried that President Biden’s proposed $6.9 trillion budget is going to lead us even further into a spiraling debt crisis? Well, it turns out the Biden administration itself is even acknowledging that this could be a problem.
The new budget proposal from President Biden for the 2024 fiscal year will result in a “record” national debt, according to a watchdog.
On Thursday, the Biden administration released its new proposal that outlines the president’s goals for economic growth, education, climate change, and health care.
However, the Committee for a Responsible Federal Budget warns that Biden’s budget will result in the country’s debt increasing from 98 percent to 106 percent by 2027 and then to 110 percent by 2033.
Over the next decade, nominal debt would nearly double to $43.6 trillion despite some deficit reduction efforts, according to the watchdog.
On Wednesday, Shalanda Young, the Director of the Office of Management and Budget for Joe Biden, appeared before the Senate Budget Committee and admitted that the administration’s latest spending plan does not reduce the national debt when facing questions from Florida Senator Rick Scott.
When asked if President Biden’s budget was “balanced,” Young responded, “No, because we believe that would hurt working families.”
According to Republican lawmakers, Biden’s budget proposal generates “taxes, taxes, and more taxes” and offers spending increases that would worsen inflation.
President Biden’s newly proposed $6.9 trillion budget is an unreal plan that is not in the best interest of Americans, as it would seriously increase the country’s already-looming national debt. According to the Committee for a Responsible Federal Budget, this bad plan would result in our debt doubling from $24.6 trillion over the next decade and would take our debt-to-GDP ratio from 98 percent in 2023 to 110 percent by 2033. It appears that Biden is ignoring fiscal responsibility and instead solely focusing on pushing his political agenda, vastly increasing our nation’s liabilities which will be left for future generations to suffer from.
Let’s continue this conversation, in the comments below.