{"id":1643079,"date":"2022-09-16T14:37:05","date_gmt":"2022-09-16T18:37:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1643079"},"modified":"2022-09-16T14:37:12","modified_gmt":"2022-09-16T18:37:12","slug":"biden-administration-added-4-8-trillion-to-deficits-budget-watchdog","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-administration-added-4-8-trillion-to-deficits-budget-watchdog\/","title":{"rendered":"Biden Administration Added $4.8 Trillion to Deficits: Budget Watchdog"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-administration-added-4-8-trillion-to-deficits-budget-watchdog%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1643079&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A new <a href=\"https:\/\/www.crfb.org\/blogs\/biden-administration-has-approved-48-trillion-new-borrowing\">report<\/a> 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.<\/p>\n<p>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.<\/p>\n<p>\u201cThis is on top of the trillions of dollars we were projected to borrow before President Biden took office,\u201d the CRFB noted in its report on Sept.13.<\/p>\n<p>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\u2019s 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).<\/p>\n<p>While this figure is lower than former President Donald Trump\u2019s $7.5 trillion, it\u2019s higher than the $2.5 trillion Trump had enacted at this stage in his term.<\/p>\n<p>\u201cExcessive borrowing will lead to continued inflationary pressures, drive the national debt to a new record as soon as 2030, and triple federal interest payments over the next decade\u2014or even sooner if interest rates go up faster or by more than expected,\u201d the budget watchdog noted.<\/p>\n<figure id=\"attachment_4266993\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/02\/09\/GettyImages-1369443665-1200x717.jpg\"><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4266993\" src=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/02\/09\/GettyImages-1369443665-600x359.jpg\" alt=\"Epoch Times Photo\" width=\"600\" height=\"359\" \/><\/noscript><\/figcaption><\/a> A Peterson Foundation billboard displaying the national debt is pictured on K Street in downtown Washington, on Feb. 8, 2022. (Jemal Countess\/Getty Images for Peter G. Peterson Foundation)<\/figure>\n<p>The Federal Reserve has confirmed that it will keep raising interest rates and keep the federal funds rate higher for longer until it reins in inflation. When it released its fiscal year 2022 budget (<a href=\"https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2021\/05\/budget_fy22.pdf\">pdf<\/a>), the White House was criticized for offering lower interest-rate projections for the next few years, despite the central bank on the path toward tightening.<\/p>\n<p>Maya MacGuineas, president of the CRFB, recently <a href=\"https:\/\/www.crfb.org\/blogs\/maya-macguineas-white-house-wrong-biden-no-steward-fiscal-responsibility\">opined<\/a> in The Washington Post that \u201cthe administration is congratulating itself\u201d for temporary COVID-related fiscal measures expiring and, as a result, cutting all-time high deficits.<\/p>\n<h2>\u2018Biden\u2019s Budget-Busting Binge\u2019<\/h2>\n<p>In May, the Congressional Budget Office (CBO) <a href=\"https:\/\/www.cbo.gov\/publication\/57950\">released<\/a> its Budget and Economic Outlook, which found that the budget shortfall will average $1.6 trillion per year from 2023 to 2032. By the end of decade-long year window, the deficit will account for 6.1 percent of the gross domestic product (GDP), which has happened only six times since the end of World War II.<\/p>\n<p>Federal spending is expected to average 23 percent of GDP during this span, which will be \u201cboosted by rising interest costs and greater spending for programs that provide benefits to elderly people.\u201d While revenues are projected to represent a greater share of GDP in 2022, they are predicted \u201cto decline over the following few years, but remain above their long-term average through 2032.\u201d<\/p>\n<p>Washington\u2019s finances could have been much \u201cworse\u201d if the president\u2019s signature Build Back Better plan had been approved, says David Ditch, a policy analyst in the Grover M. Hermann Center for the Federal Budget at The Heritage Foundation.<\/p>\n<p>\u201cDespite the false spin from leading Democrats, it would have led to significantly higher deficits over the first several years (at minimum), pouring more gasoline on the inflationary fire,\u201d he <a href=\"https:\/\/www.heritage.org\/budget-and-spending\/commentary\/new-charts-reveal-harms-bidens-budget-busting-binge\">said<\/a>\u00a0in response to the CBO\u2019s projections.<\/p>\n<p>\u201cBiden\u2019s budget plan is similarly bankrupt, with more inflationary spending, anti-growth tax hikes, and radical, left-wing policy goals. It\u2019s clear that the administration isn\u2019t even considering the idea that now is the time to rein in out-of-control spending.\u201d<\/p>\n<p>Even if the long-term outlook were dismissed, the national debt continues to be a worrisome challenge for the U.S. government, Ditch added.<\/p>\n<p>In total, the national debt is more than $31 trillion. The federal debt as a percentage of GDP is around <a href=\"https:\/\/fred.stlouisfed.org\/series\/GFDEGDQ188S\">122 percent<\/a>. Unless significant fiscal action is taken, the debt-to-GDP ratio could soar to <a href=\"https:\/\/www.cbo.gov\/publication\/57971\">185 percent<\/a> in the next 30 years, a separate CBO report stated.<\/p>\n<h2>US Deficit Widened in August<\/h2>\n<p>New data (<a href=\"https:\/\/www.fiscal.treasury.gov\/files\/reports-statements\/mts\/mts0822.pdf\">pdf<\/a>) from the Treasury Department highlighted that the U.S. government recorded a $220 billion <a href=\"https:\/\/www.theepochtimes.com\/t-budget-deficit\">budget deficit<\/a> in August, up 29 percent from the same time a year ago.<\/p>\n<p>According to the Department of the Treasury, receipts ballooned by $35 billion, or 13 percent, year over year, to $304 billion. Similarly, outlays rose by $84 billion, or 19 percent, year over year, to $523 billion.<\/p>\n<p>In the first 11 months of fiscal year 2022, the budget deficit declined by 65 percent, to $946 billion, down from $2.71 trillion in 2021.<\/p>\n<p>The U.S. administration recently projected that this year\u2019s budget deficit would be about $400 billion lower than its previous estimate in March.<\/p>\n<p>From higher-than-expected federal revenues and a decline in spending, the budget shortfall is forecast to be $1.03 trillion in the fiscal year ending Sept. 30, according to the Office of Management and Budget (<a href=\"https:\/\/www.whitehouse.gov\/omb\/briefing-room\/2022\/08\/23\/the-2023-mid-session-review\/\">OMB<\/a>).<\/p>\n<p>\u201cThe president\u2019s top economic priority continues to be tackling the challenge of inflation, without giving up the historic economic gains we\u2019ve made over the past 18 months,\u201d OMB Director Shalanda Young said in a statement last month. \u201cWhile costs are still too high for too many families, the president\u2019s economic plan is working and we\u2019re on the right track.\u201d<\/p>\n<p>In recent months, President <a href=\"https:\/\/www.theepochtimes.com\/t-joe-biden\">Joe Biden<\/a> has repeatedly <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2022\/09\/13\/remarks-by-president-biden-on-the-passage-of-h-r-5376-the-inflation-reduction-act-of-2022\/\">claimed<\/a> that his policies have helped reduce the budget deficit.<\/p>\n<p>\u201cSo, I don\u2019t want to hear it anymore about \u2018big spendin\u2019 Democrats,&#8217;\u201d he said on Sept. 13. \u201cWe spend, but we pay.\u201d<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-andrew-moran\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/WEB_AndrewMoran.jpeg\" alt=\"Andrew Moran\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Andrew Moran covers business, economics, and finance. He has been a writer and reporter for more than a decade in Toronto, with bylines on Liberty Nation, Digital Journal, and Career Addict. He is also the author of &#8220;The War on Cash.&#8221;<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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<\/p>\n","protected":false},"author":1,"featured_media":1619707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1643079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1643079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1643079"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1643079\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1619707"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1643079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1643079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1643079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}