- Under Biden’s budget plan for fiscal 2024, the gross national debt would surge to nearly $51 trillion as of the year 2033 — up from its current level of roughly $31.5 trillion.
- The federal debt as a share of US gross domestic product (GDP) would swell to a record 110% by 2033, up from 98% this year – shattering a dubious record that has stood since the end of World War II.
- The portion of debt held by the American public would jump $19 trillion, to $43.6 trillion, over the 10 years.
- A ballooning federal debt means more taxpayer dollars will go toward footing the bill for interest payments on past spending rather than funding necessary projects in the future.
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Energy Sec: ‘We Can All Learn’ From China Energy Policy
“The amount of money that they’re investing in clean energy is actually, you know, encouraging."
WASHINGTON, DC - JANUARY 23: U.S. Secretary of Energy Jennifer Granholm speaks during a daily news briefing at the James S. Brady Press Briefing Room of the White House on January 23, 2023 in Washington, DC. White Press Secretary Karine Jean-Pierre held a daily news briefing to answer questions from members of the press. (Photo by Alex Wong/Getty Images)
