Fast Facts on the Impacts of the Biden Budget
On May 28, 2021, President Biden released his first budget, which focuses on new spending proposals while shortchanging America’s national defense and ignoring our government’s massive overspending and more than $28 trillion in national debt.
Fast Facts on the Impacts of the Biden Budget over the Next 10 Years
- The Biden Budget sets a new record for debt as a share of the U.S. economy. By fiscal year 2031, the debt would equal 117% of gross domestic product (GDP), shattering a previous record set post WWII when the debt was 106% of GDP.
- Tax hikes for hardworking Americans. The Biden Administration is proposing a total of $3.6 trillion in tax hikes.
- As our global threats grow, President Biden is shortchanging our national defense. Instead of keeping pace with our growing national security needs, President Biden’s budget cuts defense spending by $224 billion over the next 10 years when compared to current law.
- Irresponsible spending and no saving. Over the next 10 years, the Biden Budget would result in a $5 trillion increase in new spending.
- Borrowing at the expense of future generations. As a result of the Biden Budget’s reckless borrowing to finance a liberal agenda, our interest costs would triple, going from $303 billion to $914 billion.
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