by Nicholas Ballasy
The Committee for a Responsible Federal Budget (CRFB) a budget watchdog group, found that President Joe Biden’s fiscal year 2025 budget would drive the national debt to $45.1 trillion or 106 percent of the U.S. Gross Domestic Product (GDP) by 2034, from $27.4 trillion or about 97 percent of GDP at the present time.
The organization noted that those calculations are based on the Biden administration’s own internal figures. The current $27.4 trillion debt figure is the debt held by the public, not the total national debt including intragovernmental holdings.
‘Budget deficits would remain high under the President’s budget, rising from $1.7 trillion (6.3 percent of GDP) in FY 2023 to $1.9 trillion (6.6 percent of GDP) in 2024, falling to a low of $1.5 trillion (4.3 percent of GDP) in 2029, and then rising to $1.7 trillion (3.9 percent of GDP) by 2034,’ according to the CRFB’s analysis, released on Monday.
‘Deficits would total $16.3 trillion (4.6 percent of GDP) from FY 2025 through FY 2034, $3.2 trillion (0.9 percent of GDP) less than OMB’s baseline projection of $19.5 trillion (5.5 percent of GDP),’ the group reported.
The CRFB said that the “projected growth in debt and deficits under the president’s budget is driven by a persistent gap between spending and revenue” over time.
‘The White House needs to make debt reduction a major priority and work with Congress to take the issue seriously, stop making promises about what they won’t do, and work together to come up with serious workable solutions. This year, interest payments on the national debt will surpass spending on defense – a milestone that threatens our standing as the leader of the free world – and surpass spending on Medicare as well,’ said Maya MacGuineas, president of the CRFB.
‘Under current law, we will borrow more than $20 trillion over the next decade – and that’s assuming we don’t extend any of the expiring policies over the next few years. Meanwhile, Social Security and Medicare trust funds will be insolvent within a decade. We’ve reached the point at which baby steps just aren’t going to cut it anymore,’ she added.
Federal spending levels under the proposed Biden budget path ‘would rise from 22.7 percent of GDP in FY 2023 to 24.6 percent of GDP in 2024 and to 24.8 percent of GDP in 2025, and then fall slightly to 24.2 percent of GDP by 2034,’ the CRFB reported. ‘Revenue, which fell to 16.5 percent of GDP in 2023, would rise to 18.0 percent of GDP in 2024 and continue to grow to 20.3 percent of GDP by 2034.’
House Speaker Mike Johnson, R-La.; House Majority Leader Steve Scalise, R-La.; Majority Whip Tom Emmer, R-Minn.; and Republican Conference Chair Elise Stefanik, R-N.Y., publicly slammed Biden’s proposed budget on Monday.
‘The price tag of President Biden’s proposed budget is yet another glaring reminder of this Administration’s insatiable appetite for reckless spending and the Democrats’ disregard for fiscal responsibility. Biden’s budget doesn’t just miss the mark — it is a roadmap to accelerate America’s decline,’ the House GOP leaders said in a statement.
‘While hardworking Americans struggle with crushing inflation and mounting national debt, the President would increase their pain to spend trillions of additional taxpayer dollars to advance his left-wing agenda,’ they added.
The lawmakers decried the budget as ‘misguided’ for raising federal spending while the deficit and debt remain at record levels.
‘Our efforts to rein in the runaway spending spree from last year’s budget have already yielded results, lowering projected deficits by $2.6 trillion over the next decade,’ the GOP lawmakers said. ‘The House’s budget plan for the next fiscal year, preceding the president’s proposal, reflects the values of hardworking Americans who know that in tough economic times, fiscal discipline is non-negotiable. House Republicans understand the American people expect and deserve nothing less from their government.’
House Budget Committee Republicans highlighted 10 areas they describe as the worst parts of the budget, including permanently expanding “inflationary Obamacare subsidies” at a cost of $350 billion.
The committee released its own budget proposal on Thursday that it estimated would balance the federal budget in 10 years.
‘House Republicans have been long sounding the alarm on the fiscal challenges facing our nation and this budget plan takes steps to put the nation on the track to fiscal sanity,’ Johnson said of the GOP budget plan.
The progressive organization Public Citizen applauded Biden’s budget request for raising federal spending levels, despite the record deficit and debt.
‘The White House budget’s across-the-board increases would be a welcome relief to agencies and programs across the government that have seen their funding cut. In particular, it’s more critical than ever to generously fund initiatives to grapple with climate change,’ said Lisa Gilbert, executive vice president of Public Citizen.
‘This budget demonstrates a commitment to ensuring corporations pay more of their fair share. It proposes to increase both the domestic and international corporate rates as well as to raise the corporate minimum tax rate for billion-dollar companies put in place by the Inflation Reduction Act (IRA),’ she added.
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Nicholas Ballasy is a reporter at Just The News.
Photo “The U.S. Capitol on American Currency” by Karolina Grabowska.
“The Committee for a Responsible Federal Budget (CRFB) a budget watchdog group, found that President Joe Biden’s fiscal year 2025 budget would drive the national debt to $45.1 trillion or 106 percent of the U.S. Gross Domestic Product (GDP) by 2034, from $27.4 trillion or about 97 percent of GDP at the present time.
The organization noted that those calculations are based on the Biden administration’s own internal figures. The current $27.4 trillion debt figure is the debt held by the public, not the total national debt including intragovernmental holdings.”
These numbers are wrong. I have followed this for years, and these are grossly LOW-BALLED NUMBERS. The CRFB says straight-out that these are numbers based on the Biden Administration’s own internal figures. I myself would not believe the Biden Administration about anything, even if the spokesman speaking was standing on a stack of Bibles.
WHY DID REPUBLICANS STOP TRYING TO ABOLISH OBAMACARE?
OBAMACARE HAS SINGLE HANDEDLY DESTROYED THE BEST HEALTHCARE DELIVERY SYSTEM IN THE WORLD.
That truth became very evident during the Plandemic of SARS COVID2 or Covid 19. Hospitals, Doctors, Physician Assistants followed the Fauci Bribery Protocol, which rewarded them monetarily for every positive test result, and every death documented as a result of Covid 19.
These are crimes. Ethics & the Hippocratic Oath went out the window. To add to the crimes, Governors were told to keep Covid patients locked in nursing facilities, rather than to transport them to a hospital for treatment. EARLY treatment for the elderly with this virus with provable viral medications was prohibited by Fauci, who has never treated a real patient of any king in his career. This lacknof available basic care killed millions of innocent people. Healthcare professionals were required to follow the Fauci protocol as it regards this virus. They were instructed to tell patients to take over the counter meds. & if they got to the point where they could not breathe, then go to ER. The resson they coupd not breathe was due to the onset of pneumonia. Which happens to elderly if they dont get treatment with early meds like any virus including the flu. The med such as Hydroxychloroquine, Ivermectin, Zpack, Steroids, breathing treatments with Budesinide etc. But no the doctors & clinicians were ordered to impose the next deadly protocol, which was to put them on a ventilator & administer Remdesivir.
Some ethical Doctors & Scientists began to sound the alarm on the harm that Fauci was promoting in this process. Many of these brave professionals were demonized by Fauci & his media pals resulting in their termination & censure in the media.
But those of us who remembered Fauci’s similar atrocities during the AIDS epidemic. And who had a enough common sense to question all t g e ridiculous protocols Fauci was demanding on people. Like forcing them to close their business & close the schools, & wear masks adnaseum, even babies. FAUCI HAD TO DEMONIZE EARLY TREATMENT IN ORDER FOR HIS BUDDIES AT BIG PHARMA BE ALLOWED TO USE EMERGENY AUTHORIZATION TO PRODUCE & ADMINISTER UNTESTED VACCINES. To add to the horrific protocols. Governors gave themselves emergency powers to force their residents to take these experimental vaccines. On top of that the CDC was not reporting Adverse Reactions to the vaccines. People were fired & shunned who resisted taking these untested
vaccines, even by family members. Church Services were closed while Strip clubs were open; Schools were closed even though children & most teachers were not high risk of death. None would have died if they were given adequate care. Case in point. I was 75. Got cold symptoms, went to a walking clinic, bc from past experience I knew I needed early treatment to prevent a secondary infection like pneumonia. I was surprised when my test came back positive, so I asked the PA what she knew about the PCR Test, which was the Fauci approved testing protocol. I told her that I researched the PCR test, & the inventor Dr Kary Mullis ( who received the Nobel Prize for this discovery), specifically stated that the PCR should never be used to diagnose a specific infection. He also said a very nefarious person could misuse the PCR & cause a global panic. He was not a fan if Fauci. He talks about in interviews, which can be viewed on YouTube. There is no way Fauci could have pulled off the biggest HOAX in Medical history without the PCR TEST. Coincidently, Dr Mullis died in August 2019, right before the release of the virus from China.
I’m not a conspiracy theorist, but when all the facts are laid out, it wreaks of a global conspiracy.
FYI, The PCR uses a process to magnify a small amount of DNA in order to create a full DNA profile. This process is frequently used by law enforcement to identify murderers etc. So every person who submitted to a PCR
Test, gave up their DNA Profile. Wonder who has custody of those millions of DNA profiles? FBI, CIA. CHINA? Maybe all.
Luckily for me, I called my PCP, when I left the clinic. I told him I had the same infection I get every year. He didn’t trust the PCR either. He called in Rx for steroid pk. Zpk, & Ventolin inhaler. I was well in a week.
Now I don’t trust a damn thing that comes from the Public Health agencies. Fauci destroyed the NIH, FDA & CDC & is responsible for many, many deaths. Yet he walks a free man.
SO EVERY BUDGET IS DESIGNED TO GROW THIS MONSTER OF A GOVERNMENT IN AMERICA, CREATING THE TYRANNY WE HAVE TODAY. OUR FOUNDERS WARNED US ABOUT KEEPING THE FEDERAL GOVERNMENT LIMITED TO JUST A HANDFUL OF NECESSITIES. EVERYTHING ELSE SHOULD BE
DESIGNATEDCTO THE STATES. Some of the garbage being funded in this budget is shameful.
The extreme craziness has now been exposed
First there is no climate change, there is, however, a change in weather due to the cyclical nature of our sun. Second, I read the proposed budget. It’s actually a blueprint of funding for programs to transition our government into a behemoth for massive control over citizens, with billions slotted for paying foreign countries to go “green.” The programs they anticipate creating do nothing but control you, your children, and your life. Remember, Socialism is a pretty word for Communism. At least under Socialism you can keep your private property. Under this budget, that may not be an option.