The Biden administration’s never-ending borrowing spree has pushed the U.S. national debt past $31 trillion for the first time, despite record inflation, rising interest rates, and fears of a recession.
According to Treasury Department data published Tuesday, the United States’ public debt closed at $31.1 trillion on Monday.
This comes as the Federal Reserve continues to raise interest rates to combat the highest inflation in 40 years, and as the government borrows money to finance tax cuts while sending billions of taxpayer dollars offshore in aid to Ukraine.
“So many of the concerns we’ve had about our growing debt path are starting to show themselves as we both grow our debt and grow our rates of interest,” said Michael Peterson, CEO of the Peterson Foundation, which advocates for deficit reduction.
“Too many people were complacent about our debt path in part because rates were so low.”
According to Breitbart News, the Congressional Budget Office (CBO), a U.S. federal agency that provides Congress with economic and budgetary analysis, has warned about America’s mounting debt load under the Biden administration, warning investors to lose faith in the government’s ability to repay what it owes.
As per the Budget Office, those worries could cause “interest rates to increase abruptly and inflation to spiral upward.”
The $31 trillion mark presents a political challenge for Biden, who has pledged to pursue a more sustainable fiscal path and reduce federal budget deficits by $1 trillion over the next decade.
It also directly contradicts the president’s claim in September 2021 that his $3.5 trillion spending agenda cost “zero dollars” since he “capably handled” taxpayer dollars.
“My Build Back Better Agenda costs zero dollars,” a post from Biden’s Twitter account read.
His message contended that money was being “wasted” on “tax breaks, loopholes, and tax evasion” and that it needed to be redistributed to American workers as directed by his office.
According to the Committee for a Responsible Federal Budget, Biden’s debt addiction has incurred nearly $5 trillion to deficits since taking office.
This projection includes Biden’s signature $1.9 trillion economic stimulus bill, a slew of new congressionally approved spending initiatives, and a student-loan debt forgiveness plan that will possibly cost taxpayers nearly $400 billion over the next 30 years.