- 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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Treasury, Fed, FDIC Announce Plan To Ensure Depositors Paid In Full
A Brinks truck is parked outside of Silicon Valley Bank in Santa Clara, Calif., Friday, March 10, 2023. The Federal Deposit Insurance Corporation is seizing the assets of Silicon Valley Bank, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The FDIC ordered the closure of Silicon Valley Bank and immediately took position of all deposits at the bank Friday. (AP Photo/Jeff Chiu)
