Biden Administration Added $4.8 Trillion to Deficits: Budget Watchdog
A new report by the Committee for a Responsible Federal Budget (CRFB) estimates that the policies the Biden administration has implemented through executive actions and legislative efforts will add about $4.8 trillion to deficits between 2021 and 2023.
Even if the American Rescue Plan (ARP) were removed from the equation, the White House would still have contributed approximately $2.5 trillion to deficits until 2031, the organization stated.
“This is on top of the trillions of dollars we were projected to borrow before President Biden took office,” the CRFB noted in its report on Sept.13.
The $4.8 trillion consists of $4.6 trillion of new spending, which includes $3 trillion from legislation and $1.1 trillion from executive edicts. Some of the specific policies that have exacerbated the federal government’s fiscal challenges were the fiscal year 2022 Omnibus Bill ($625 billion), the Infrastructure Investment and Jobs Act of 2021 ($370 billion), Ukraine supplemental appropriations bills ($55 billion), and net interest ($700 billion)….