Biden wants U.S. debt expanded by trillions of dollars
Jan 18, 2023 18:07:56 GMT -5
Post by Honoria on Jan 18, 2023 18:07:56 GMT -5
Biden wants U.S. debt expanded by trillions of dollars
Demands increase that is more new debt 'than the federal government accumulated' in 233 years
Bob Unruh By Bob Unruh
Published January 18, 2023 at 5:12pm
The U.S. is nearing the limit of its statutory debt ceiling and while Treasury has ways and methods of spreading out payments, delaying repayments and such, the Joe Biden administration is telling the GOP-majority U.S. House to raise the limit.
No discussions. No negotiations. No talk at all. Just raise it.
By a staggering 57.8%.
It is Terence P. Jeffrey, editor-in-chief of CNSNews.com, who has explained that massive demand.
He pointed out that should Congress raise the limit to accommodate "all of the borrowing Biden's budget proposal envisions the government will undertake in the coming decade, it would need to increase that limit by $13.433 trillion."
He noted, "That is more debt than the federal government accumulated in the 233 years from 1776 through 2009."
When Biden proposed his budget, he attempted to talk finances like a fiscal conservative.
He boasted at the time that the deficit "is on track to drop by more than $1 trillion this year, the largest-ever one-year declined."
However, the commentary pointed out that Biden's boasting is based on the artificially high spending from the COVID pandemic.
"The relative drop in the federal deficit in fiscal 2022 was the result of the anomalous and altitudinous increase in federal spending in fiscal 2020 and 2021 due to the COVID-19 pandemic," Jeffrey explained. "In fiscal 2019, which ended in September 2019 before the COVID pandemic hit, the federal government spent $4,446,956,000,000 and ran a deficit of $983,592,000,000, according to the historical budget table published by Biden's Office of Management and Budget. In fiscal 2020, when the pandemic started, federal spending skyrocketed to $6,553,603,000,000 and the government ran a deficit of $3,132,439,000,000.
"In fiscal 2021, as the pandemic continued, spending climbed again to $6,822,449,000,000 and the deficit was $2,775,337,000,000," he noted.
The government reported spending $4.1 trillion on the COVID pandemic, and as that ebbed the spending dropped to $5.8 trillion and the deficit to $1.4 trillion, down from the $2.7 trillion from fiscal 2021.
"That fiscal 2022 deficit of $1,414,950,000,000 might have been more than a trillion less than the $2,775,337,000,000 COVID-era deficit of fiscal 2021, but it was still $431,358,000,000 (or 43.9%) more than the $983,592,000,000 pre-COVID deficit of fiscal 2019," he explained.
Jeffrey pointed out Biden's plan has the total federal debt at the end of fiscal 2032 at $44.797 trillion.
"That means that under Biden's budget plan the federal debt would increase by $16.411 trillion — or 57.8% — in the 11 fiscal years from when he first took office in fiscal 2021 through fiscal 2032."
Biden's Treasury secretary, Janet Yellen, has told the GOP House majority that starting January 19, "the outstanding debt of the United States is projected to reach the statutory limit."
She made no suggestions that the nations should cut back on its spending, likely part of the House budgeting plan.
Just the News reported the Democrats in the majority then failed to address the obstacle when they passed a $1.7 trillion omnibus spending spree in December.
The House is out of session until Jan. 24, and the Democrat-led Senate is off until Feb. 6.
Meanwhile, the White House has said it will refuse to discuss the debt ceiling with House Republicans, and expects them to simply give Biden his demands.
"There will be Republicans who will say we need to reform, we need to use this as a vehicle to try to put some limits on our spending, on our debt and our deficits," Rep. Chris Stewart, R-Utah, is on the record saying. "And I am one of them, and there are many others who will be."
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Demands increase that is more new debt 'than the federal government accumulated' in 233 years
Bob Unruh By Bob Unruh
Published January 18, 2023 at 5:12pm
The U.S. is nearing the limit of its statutory debt ceiling and while Treasury has ways and methods of spreading out payments, delaying repayments and such, the Joe Biden administration is telling the GOP-majority U.S. House to raise the limit.
No discussions. No negotiations. No talk at all. Just raise it.
By a staggering 57.8%.
It is Terence P. Jeffrey, editor-in-chief of CNSNews.com, who has explained that massive demand.
He pointed out that should Congress raise the limit to accommodate "all of the borrowing Biden's budget proposal envisions the government will undertake in the coming decade, it would need to increase that limit by $13.433 trillion."
He noted, "That is more debt than the federal government accumulated in the 233 years from 1776 through 2009."
When Biden proposed his budget, he attempted to talk finances like a fiscal conservative.
He boasted at the time that the deficit "is on track to drop by more than $1 trillion this year, the largest-ever one-year declined."
However, the commentary pointed out that Biden's boasting is based on the artificially high spending from the COVID pandemic.
"The relative drop in the federal deficit in fiscal 2022 was the result of the anomalous and altitudinous increase in federal spending in fiscal 2020 and 2021 due to the COVID-19 pandemic," Jeffrey explained. "In fiscal 2019, which ended in September 2019 before the COVID pandemic hit, the federal government spent $4,446,956,000,000 and ran a deficit of $983,592,000,000, according to the historical budget table published by Biden's Office of Management and Budget. In fiscal 2020, when the pandemic started, federal spending skyrocketed to $6,553,603,000,000 and the government ran a deficit of $3,132,439,000,000.
"In fiscal 2021, as the pandemic continued, spending climbed again to $6,822,449,000,000 and the deficit was $2,775,337,000,000," he noted.
The government reported spending $4.1 trillion on the COVID pandemic, and as that ebbed the spending dropped to $5.8 trillion and the deficit to $1.4 trillion, down from the $2.7 trillion from fiscal 2021.
"That fiscal 2022 deficit of $1,414,950,000,000 might have been more than a trillion less than the $2,775,337,000,000 COVID-era deficit of fiscal 2021, but it was still $431,358,000,000 (or 43.9%) more than the $983,592,000,000 pre-COVID deficit of fiscal 2019," he explained.
Jeffrey pointed out Biden's plan has the total federal debt at the end of fiscal 2032 at $44.797 trillion.
"That means that under Biden's budget plan the federal debt would increase by $16.411 trillion — or 57.8% — in the 11 fiscal years from when he first took office in fiscal 2021 through fiscal 2032."
Biden's Treasury secretary, Janet Yellen, has told the GOP House majority that starting January 19, "the outstanding debt of the United States is projected to reach the statutory limit."
She made no suggestions that the nations should cut back on its spending, likely part of the House budgeting plan.
Just the News reported the Democrats in the majority then failed to address the obstacle when they passed a $1.7 trillion omnibus spending spree in December.
The House is out of session until Jan. 24, and the Democrat-led Senate is off until Feb. 6.
Meanwhile, the White House has said it will refuse to discuss the debt ceiling with House Republicans, and expects them to simply give Biden his demands.
"There will be Republicans who will say we need to reform, we need to use this as a vehicle to try to put some limits on our spending, on our debt and our deficits," Rep. Chris Stewart, R-Utah, is on the record saying. "And I am one of them, and there are many others who will be."
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