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.
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A few trillions here and a few trillions there ,pretty soon ,you are talking serious money !