The Committee for a Responsible Federal Budget a budget watchdog group, found that President Joe Biden's fiscal year 2025 budget would drive the national debt to $45.1 trillion or 106% of the U.S. Gross Domestic Product by 2034, from $27.4 trillion or about 97% of GDP at the present time.
"Budget deficits would remain high under the President's budget, rising from $1.7 trillion in FY 2023 to $1.9 trillion in 2024, falling to a low of $1.5 trillion in 2029, and then rising to $1.7 trillion by 2034," according to the CRFB's analysis, released on Monday.
Federal spending levels under the proposed Biden budget path "Would rise from 22.7 percent of GDP in FY 2023 to 24.6 percent of GDP in 2024 and to 24.8 percent of GDP in 2025, and then fall slightly to 24.2 percent of GDP by 2034," the CRFB reported.
"The price tag of President Biden's proposed budget is yet another glaring reminder of this Administration's insatiable appetite for reckless spending and the Democrats' disregard for fiscal responsibility. Biden's budget doesn't just miss the mark - it is a roadmap to accelerate America's decline," the House GOP leaders said in a statement.
House Budget Committee Republicans highlighted 10 areas they describe as the worst parts of the budget, including permanently expanding "Inflationary Obamacare subsidies" at a cost of $350 billion.
The committee released its own budget proposal on Thursday that it estimated would balance the federal budget in 10 years.
"House Republicans have been long sounding the alarm on the fiscal challenges facing our nation and this budget plan takes steps to put the nation on the track to fiscal sanity," Johnson said of the GOP budget plan.
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