Biden’s Budget: Debt would exceed economic output

Some keys points from the New York Times’ reporting on Biden’s insane $6 trillion budget: 

• The budget will run “deficits above $1.3 trillion throughout the next decade.”

• “Total debt held by the public would more than exceed the annual value of economic output, rising to 117 percent of the size of the economy in 2031.”

• “By 2024, debt as a share of the economy would rise to its highest level in American history, eclipsing its World War II-era record.”

• “The levels of taxation and spending in Mr. Biden’s plans would expand the federal fiscal footprint to levels rarely seen in the postwar era…”

It’s no wonder Democrats want to release Biden’s budget the Friday before a long weekend, they want it taken out with the trash (see NPR for more on this). 

NRCC Comment: “We agree with Democrats, Biden’s budget is trash.” – NRCC Spokeswoman Torunn Sinclair