Biden Breaks Shocking New Record

The White House, CC BY 3.0 US , via Wikimedia Commons

For the first time in history, the U.S. national debt is more than $31 trillion according to the data released by the Treasury Department on Tuesday.

This milestone has been hit despite the government’s attempts to slow down spending following the COVID-19 pandemic. During the beginning of the outbreak, the national debt increased by $1 trillion in just one month. This type of increase was repeated twice in 2020.

This meant that in 2020 the federal government spent 3.1 trillion more than what it got in 2020. The following year it spent $2.8 trillion more.

In 2022 it is expected that the budget deficit will drop to around $1 trillion. However, some experts think that $1 trillion per year in new debt is going to be the lowest rate as Congress has new spending priorities which include the health and environmental policy bill known as the Inflation Reduction Act and aiding Ukraine in the war with Russia.

The largest reason for the decrease in the annual budget is the easing of emergency COVID spending. President Biden’s administration has also slowed down significantly the rate at which the government accumulates debt.

In September Biden said that while Republicans are the ones to talk about fiscal responsibility it was their administration that reduced the deficit by $350 billion.

For many weeks Republicans have been saying that the public wants to see reduced federal spending, as they claim that is what is causing the high inflation rates.

In August, Sen. Ted Cruz, R-Texas, said the Democrats’ Inflation Reduction Act is going to lead to higher prices and inflation. He also added that small businesses and American manufacturing would suffer.