In dealing with the debt and deficit, President Biden has had the advantage of a 43 percent increase in federal tax receipts from 2020 to 2022, thanks to the 2017 Tax Cuts and Jobs Act. Yearly federal revenues increased 43 percent in two years House Republican leaders have made clear his budget isn’t going anywhere but it illustrates just how out of control Biden’s spending policies really are. If Biden’s 2024 proposed budget actually passed, he would add as much to the national debt as Trump and Bush 43 combined. That would be $1.5 trillion more than Trump contributed during his term, which included the 2020 one-time COVID emergency spending. Biden’s add to the national debt outdoes TrumpĪccording to the CBO, Biden is going to match Trump’s addition to the national debt in just three years, reaching a total of $7.1 trillion over his four years. During Biden’s first two years in office, he oversaw spending that was 40 percent higher than the pre-COVID 2019 budget. Instead, he saw that supersized budget in 2020 not as a crisis, but an opportunity that could be exploited going forward to pay for what amounted to a historic spending spree that kicked off with the $1.9 trillion American Rescue Plan and drove what became the worst inflation in 40 years. Apparently, Biden decided to ignore that crucial point. That COVID funding was to sunset as the country returned to normal - as it did last year. In 2020, because of the pandemic, the budget jumped 47 percent to $6.5 trillion, as both Democrats and Republicans supported the need for emergency funding. The president and his White House have taken the 2020 COVID-19, one-time-only crisis budget as his administration’s working baseline, rather than the pre-Covid 2019 budget, which had a significant $4.4 trillion price tag.
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