According to the Washington Post, President Joe Biden plans to increase the U.S. Debt trillions of Dollars than was forecast. New Data from the Congressional Budget Office.
The nonpartisan agency reported that the country is on track to increase its debt by $19 trillion over the next ten years, which is about $3 trillion more than was predicted in the last forecast.
CBO estimates that there will be a gap of $2 trillion annually between tax revenues and government spending over the next 10 years.
These estimates are coming as Congress is arguing with Biden about raising the debt ceiling. Republicans want to negotiate spending cuts. The federal government is limited in the amount it can borrow to meet its obligations.
The government has reached $31.4 trillion as its current limit. The Treasury Department advised agencies that special funding be used, with defaults possible this summer.
House Speaker Kevin McCarthy (R., Calif.) Called Biden to search “common ground” Find a GOP member “responsible” debt ceiling.
“Washington fell for a financial fad,” McCarthy stated this on February 6, “that the national debt doesn’t matter.”
“You voted against raising the debt ceiling, Mr. President,” McCarthy referred to Biden’s 2006 vote against a GOP bill to increase the limit, and cited McCarthy as an example. “Surely we both agree that the national debt is too high.”
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