Biden’s Reckless Spending Proposals Would Launch American Debt And Deficits To Unprecedented Levels

The Biden Budget Would Supersize Federal Spending For ‘A Generational Expansion Of Government,’ ‘Aiming For Close To $10 Trillion In Annual Spending’

THE NEW YORK TIMES: “Biden’s $6.8 Trillion Budget Doubles Down on the Power of Government” (The New York Times, 3/09/2023)

THE WASHINGTON POST: “Biden calls for trillions in tax hikes and new domestic spending” (The Washington Post, 3/09/2023)

“The White House’s spending blueprint envisions a much more expansive role for the federal government overall, aiming for close to $10 trillion in annual spending by 2033 — up from roughly $6.3 trillion currently, and about $6.9 trillion in the next fiscal year …” (“Biden Calls For Trillions In Tax Hikes And New Domestic Spending,” The Washington Post, 3/09/2023)

• “The president’s budget calls for significantly increasing spending by about $2 trillion over the next decade …” (“7 Key Takeaways From President Biden’s $6.9 Trillion New Budget Plan,” The Washington Post, 3/09/2023)

• “The budget suggests Biden’s initial ambitions to pass a generational expansion of government — similar to that of Franklin Delano Roosevelt’s New Deal or Lyndon Johnson’s Great Society — could return as a key rallying cry for the party in 2024.” (“Biden Calls For Trillions In Tax Hikes And New Domestic Spending,” The Washington Post, 3/09/2023)

‘The Budget Would Spend About 25 Percent Of The Economy Per Year – Unheard Of Outside Of A National Emergency’

MAYA MacGUINEAS, President of the Committee for a Responsible Federal Budget: “Spending in this budget is excessive. 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…. [T]he budget would spend about 25 percent of the economy per year – unheard of outside of a national emergency. There is nothing wrong with having a spending wish list, but we should wait to implement major new spending or tax cuts until the nation’s fiscal situation is stabilized – a plan that still requires $19 trillion of borrowing is nowhere near under control.” (“CRFB Reacts to the President’s FY 2024 Budget,” Committee for a Responsible Federal Budget, 3/09/2023)

THE WALL STREET JOURNAL EDITORIAL BOARD: “[Under President Biden’s budget proposal] spending would climb to 25.2% of GDP, compared to a 50-year average of 21%. That’s owing to rising interest costs on federal debt and Mr. Biden’s proposals for a cavalcade of entitlements such as universal pre-K, child care, paid family leave, and housing. Even with all the taxes, deficits over the next decade would total $17 trillion, and debt held by the public as a share of GDP would rise to 109.8% in 2033 from 97% last year. Mr. Biden’s budget is a recipe for an economically and militarily weaker America, but at least he’s warning voters of his intentions—unlike in 2020.” (Editorial, “All the President’s Tax Increases,” The Wall Street Journal, 3/09/2023)

Biden Included ‘Trillions Of Dollars In Spending Proposals’ From His Reckless Taxing And Spending Agenda That Were So Extreme, Not Even A Congress Completely Controlled By Democrats Would Pass Them

“Much of the president’s first two years in office were spent trying to pass his Build Back Better agenda, which called for trillions of dollars in spending proposals on everything from child care to housing to eldercare. While Democrats eventually approved a more limited package focused on climate spending, taxes and prescription drugs, objections from centrist senators — particularly Sen. Joe Manchin III (D-W.Va.) — blocked most of Biden’s initial ambitions…. [T]he 2024 budget shows the White House remains committed to the ideas, at least rhetorically.” (“7 Key Takeaways From President Biden’s $6.9 Trillion New Budget Plan,” The Washington Post, 3/09/2023)

• “The White House budget calls for more than $1 trillion in new spending on programs such as Medicaid, child care, prekindergarten, public housing and free community college.” (“Biden Calls For Trillions In Tax Hikes And New Domestic Spending,” The Washington Post, 3/09/2023)

Biden’s Budget Would Drown The United States Beneath A Tidal Wave Of Red Ink, With Over $17 Trillion In Deficit Spending

“Estimated Biden budget deficits:
2024 - $1.846 trillion
2025 - $1.671 trillion
2026 - $1.521 trillion
2027 - $1.509 trillion
2028 - $1.604 trillion
2029 - $1.536 trillion
2030 - $1.686 trillion
2031 - $1.776 trillion
2032 - $1.871 trillion
2033 - $2.035 trillion
[Total:] $17.054 trillion” (Jamie Dupree, @jamiedupree, Twitter, 3/09/2023)

SENATE BUDGET COMMITTEE REPUBLICANS: “The President’s own budget proposes $17.1 trillion in cumulative deficits over the next ten years, with annual deficits reaching $2 trillion by the end of the budget window.” (U.S. Senate Budget Committee Ranking Member, Press Release, 3/09/2023)

• “The Biden Budget would increase debt held by the public from $25.9 trillion in 2023 to $43.6 trillion by 2033. Gross debt rises from $32.7 trillion at the close of this year to $50.7 trillion by 2033.” (U.S. Senate Budget Committee Ranking Member, Press Release, 3/09/2023)

• “Under the Biden Budget, debt held by the public surpasses the previous record as a share of GDP (106.1 percent) set in the wake of World War II in 2027 (106.3 percent). By the end of the budget, public debt as a share of the economy hits 109.8 percent.” (U.S. Senate Budget Committee Ranking Member, Press Release, 3/09/2023)

• “The Biden Administration’s reckless borrowing causes interest costs to continue to mount, going from $661 billion in 2023 to $1.3 trillion in 2033. Over the 2024-2033 window, interest costs will total a staggering $10.2 trillion.” (U.S. Senate Budget Committee Ranking Member, Press Release, 3/09/2023)

‘Biden Rejects Hard Choices’ While His Spending Proposals Would Balloon The Federal Debt

“[A]ccording to the Office of Management and Budget's numbers, the budget shortfall would still total more than $17 trillion over the next decade even if Biden's plans were fully implemented… The deficit would grow from nearly $1.6 trillion this fiscal year to nearly $1.85 trillion next year. It would then gradually decline to $1.5 trillion in fiscal 2027 before inching back up, topping $2 trillion fiscal 2033.” (“White House Blueprint Would Raise Taxes, Boost Spending,” Roll Call, 3/09/2023)

“In Budget Talks, Biden Rejects Hard Choices of the Past … Mr. Biden’s budget still foresees the gross national debt increasing by about $18 trillion through 2033, to just above $50 trillion, or 128 percent of gross domestic product. It projects deficits to average about 1.5 percent more, as a share of the economy, than Mr. Obama projected in his 2012 budget.” (“In Budget Talks, Biden Rejects Hard Choices of the Past,” The New York Times, 3/13/2023)

The Massive Debt And Deficit Increases Biden Proposes Once Again Make A Laughingstock Of His Claims To Fiscal Responsibility: A ‘Willful Blindness To Reality’

“Biden frequently takes credit for the deficit declining between 2021 and 2022, although the expiration of his $1.9 trillion economic stimulus plan was largely responsible for the decline. An increase in the deficit this year and the next would sharply undercut the president’s promises.” (“Biden Calls For Trillions In Tax Hikes And New Domestic Spending,” The Washington Post, 3/09/2023)

• SENATE BUDGET COMMITTEE REPUBLICANS: “Despite the Administration’s delusional claims of reducing the deficit, the nonpartisan Congressional Budget Office projects deficits between 2021 and 2031 will be $6 trillion higher than was projected when Biden took office.” (U.S. Senate Budget Committee Ranking Member, Press Release, 3/09/2023)

THE WASHINGTON POST EDITORIAL BOARD: “President Biden released his budget proposal Thursday with a nearly $2 trillion deficit for 2024. This willful blindness to reality on the part of policymakers has allowed the national debt to rise to more than $31 trillion. The nation has reached a hazardous moment where what it owes, as a percentage of the total size of the economy, is the highest since World War II. If nothing changes, the United States will soon be in an uncharted scenario that weakens its national security, imperils its ability to invest in the future, [and] unfairly burdens generations to come … Currently, the debt is 98 percent the size of the economy and on track to hit 118 percent in a decade … It doesn’t take a PhD in accounting to see the warning sign here: As debt gets bigger than the economy, the interest costs become so onerous that there is little money left for anything else. By 2033, the nation will be spending more on paying creditors than on the entire defense budget.” (Editorial, “The United States Has A Debt Problem. Biden’s Budget Won’t Solve It.,” The Washington Post, 3/09/2023)