President Joe Biden released a budget proposal today that projects that the total federal debt subject to the statutory limit would increase by at least $14.8 trillion during his presidency were he to be elected to a second term and were his budget proposals enacted.
When Biden was inaugurated on Jan. 20, 2021, the total federal debt subject to the statutory limit was $27.7257 trillion, according to the Daily Treasury Statement.
As of March 7, 2024, the total federal debt subject to the statutory limit (which is suspended until Jan. 1, 2025) had risen to $34.3434 trillion, according to the Daily Treasury Statement. That is an increase of $6.6177 trillion from Biden’s inauguration.
According to the estimates in Table S-10 of the budget proposal Biden released today, the total debt subject to the statutory limitation would climb to $42.537 trillion by the end of fiscal 2028, which concludes on Sept. 30, 2028. That would be the last full fiscal year of Biden’s presidency were he elected to a second term, which would end on Jan. 20, 2029.
That $42.537 trillion in debt would be an increase of $14.8113 trillion from the $27.7257 trillion in federal debt that existed on Biden’s inauguration day.
According to Table 10 in Biden’s budget, the debt will increase $2.118 trillion in fiscal year 2024; $1.986 trillion in fiscal year 2025; $1.941 trillion in fiscal year 2026; $1.747 trillion in fiscal year 2027; and $1.674 trillion in fiscal year 2028.
Terence P. Jeffrey on March 11, 2024
