Since President Biden signed a bill into law that effectively suspended the debt ceiling until 2025, the U.S. national debt has skyrocketed by $1 trillion in just five weeks, according to Treasury Department data.
On July 6, the total national debt reached $32.47 trillion, marking a massive increase from the level of $31.47 trillion seen on June 2, Fox News Digital reports.
The debt had remained stagnant at that level due to the government reaching the debt ceiling and being legally unable to borrow more money.
Biden brings out his creepy whisper to falsely claim he "cut the deficit $1.7 trillion."
He's lying — again. Moody's Analytics says "the actions of the [Biden] administration and Congress have undoubtedly resulted in higher deficits, not smaller ones." pic.twitter.com/HfWfWX1CTr
— RNC Research (@RNCResearch) July 6, 2023
With the suspension of the debt ceiling, federal borrowing has surged by over $350 billion in a single day and surpassed $32 trillion within two weeks.
Since Biden assumed office in January 2021, the national debt has grown by $4.7 trillion and is projected to continue rising due to annual budget shortfalls of at least $1 trillion per year.
Fact Check: In a recent Twitter post President Joe Biden stated that Trumps tax cuts hurt the middle class and poor by giving the wealthy a $2 trillion tax cut.
The Facts: according to IRS data the biggest beneficiaries of the Trump tax cuts was the working and middle class.… pic.twitter.com/YMR2oGrjgL
— 🇺🇸Travis🇺🇸 (@Travis_in_Flint) July 2, 2023
In fiscal year 2023 alone, the government has spent $1.16 trillion more than it has collected, and the Biden administration predicts a budget deficit of $1.5 trillion by the end of September.
Joe Biden claims (again) that he cut the deficit by $1.7 trillion.
The Washington Post said the claim earns a "Bottomless Pinocchio" https://t.co/n8L7uKhdPw
— GOP (@GOP) July 7, 2023
In 2020, federal spending soared by $2 trillion due to the impact of COVID-19, with a total expenditure of $6.5 trillion compared to $4.4 trillion the previous year, leading to a budget deficit exceeding $3 trillion.
Although the COVID-19 emergency has long ended, federal spending remains incredibly high. It is estimated to reach $6.3 trillion in the current fiscal year, still significantly above the $4.4 trillion spent in 2019 before the pandemic.
Projections from the Treasury Department anticipate that government spending will surpass $7 trillion by 2025 and exceed $8 trillion by 2028, accompanied by increased borrowing approaching $2 trillion per year.
During the negotiation of the debt ceiling deal between Biden and House Speaker Kevin McCarthy (R-Calif.), several conservatives argued that the GOP should have pushed for more substantial cuts to federal spending. Critics, including Russ Vought, former President Trump’s director of the Office of Management and Budget, criticized Republicans for deviating from a House-passed plan that would have limited the growth in federal spending to a maximum of 1% per year over the next decade.
