Watchdog: Biden's 2025 budget would drive national debt to $45 trillion in 10 years, 106% of GDP
A budget watchdog group says the "projected growth in debt and deficits under the president's budget is driven by a persistent gap between spending and revenue." Meanwhile, progressive groups laud the budget.
By Nicholas Ballasy
Published: March 11, 2024 11:02pm
The Committee for a Responsible Federal Budget (CRFB) 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 (GDP) by 2034, from $27.4 trillion or about 97% of GDP at the present time.
The organization noted that those calculations are based on the Biden administration's own internal figures. The current $27.4 trillion debt figure is the debt held by the public, not the total national debt including intragovernmental holdings.
"Budget deficits would remain high under the President's budget, rising from $1.7 trillion (6.3 percent of GDP) in FY 2023 to $1.9 trillion (6.6 percent of GDP) in 2024, falling to a low of $1.5 trillion (4.3 percent of GDP) in 2029, and then rising to $1.7 trillion (3.9 percent of GDP) by 2034," according to the CRFB's analysis, released on Monday.
https://justthenews.com/government/congress/bidens-2025-budget-would-drive-national-debt-45t-within-10-years-106-entire-gdp
