President Joe Biden revealed the third budget of his presidency, proposing to spend $6.8 trillion and raise taxes by approximately $5 trillion. Despite being promoted as a deficit-reducing plan, the White House forecasts trillions in budget shortfalls over the next decade.
According to the administration’s projections (pdf), the U.S. government would record $17.055 trillion in federal deficits by 2023. This includes a $1.8646 gap in the fiscal year 2024 budget, representing 6.8 percent of GDP.
The White House estimates that the federal government would accumulate $10.21 trillion in interest payments.
Federal debt held by the public is expected to soar beyond $43.6 trillion in 2023, accounting for more than 102 percent of the GDP. The national debt would also climb above $50 trillion, raising the debt-to-GDP ratio to 127.6 percent….