- 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.
Pence Unfiltered Over Trump, J6
Former Vice President Mike Pence speaks at a Coolidge and the American Project luncheon in the Madison Building of the Library of Congress, Thursday, Feb. 16, 2023, in Washington. (AP Photo/Alex Brandon)
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