Biden's Proposal: Increase Debt By 57.8%!
When President Joe Biden sent Congress his budget proposal for fiscal 2023 last March, he tried to sound as if he were a fiscal conservative.
"My Budget details the next steps forward on our journey to execute a new economic vision, reduce costs for families, reduce the deficit, and build a better America," Biden said in the budget message that began his proposal.
"Critically, my Budget would also keep our Nation on a sound fiscal course," he claimed.
"The deficit is on track to drop by more than $1 trillion this year, the largest-ever one-year decline," said Biden's proposal. "Under the Budget policies, annual deficits would fall to less than half of last year's levels as a share of the economy, while the economic burden of debt would remain low.
"The Budget's investments are more than paid for through additional tax reforms that ensure corporations and the wealthiest Americans pay their fair share, allowing us to cut costs for American families, strengthen our economy, and cut deficits and debt by more than $1 trillion over the coming decade," said the proposal.
But if you scroll down to pages 142 and 143 of Biden's proposal -- its last two pages -- you will discover Table S-10: "Federal Government Financing and Debt."
This table tells a different story than Biden himself does.
It includes a subsection that carries the headline: "Debt Outstanding, End of Year." It shows what the Biden administration predicts the total federal debt would be -- under the terms of Biden's budget proposal -- at the end of each fiscal year through 2032.
At the end of fiscal 2021, it indicates, the total federal debt was $28.386 trillion. At the end of fiscal 2032, it predicts, the total federal debt will be $44.797 trillion.
That means that under Biden's budget plan the federal debt would increase by $16.411 trillion -- or 57.8% -- in the 11 fiscal years from when he first took office in fiscal 2021 through fiscal 2032.
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