Biden’s Proposal: Increase Debt By 57.8% To $44.797 Trillion

US President Joe Biden (R) listens to Japanese Prime Minister Fumio Kishida speak in the Oval Office of the White House in Washington, DC, on January 13, 2023. (Photo by Mandel NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)

At a glance

  • President Biden’s budget includes a subsection that carries the headline: “Debt Outstanding, End of Year.” It shows what the Biden administration predicts the total federal debt would be — under the terms of Biden’s budget proposal — at the end of each fiscal year through 2032.
  • At the end of fiscal 2021, it indicates, the total federal debt was $28.386 trillion. At the end of fiscal 2032, it predicts, the total federal debt will be $44.797 trillion.
  • That means that under Biden’s budget plan the federal debt would increase by $16.411 trillion — or 57.8% — in the 11 fiscal years from when he first took office in fiscal 2021 through fiscal 2032.
  • That is an average increase of $1.49 trillion per year.

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