‘Excessive’ Biden budget plan would cause national debt to hit nearly $51 trillion by 2033

 

• 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 portion of debt held by the American public would jump $19 trillion, to $43.6 trillion, over the 10 years.

• President Biden’s budget plan calls for major tax hikes on the wealthy.

• Anadolu Agency via Getty Images “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,” MacGuineas said.

• The White House claims the budget plan — if enacted — would reduce the federal budget deficit by nearly $3 trillion over time.

https://nypost.com/2023/03/09/biden-budget-would-cause-national-debt-to-hit-nearly-51t-by-2033/