National Debt, Interest Payments Balloon Under Latest Biden Budget Proposal

The White House projected in its latest budget proposal that the U.S. government will add trillions of dollars more to the national debt over the next decade amid sky-high annual budget deficits. Administration officials released President Joe Biden’s $7.3 trillion budget framework for fiscal year 2025, which aims to tackle various issues, including crime, border security, and the federal deficit. President Biden predicted that the government shortfall would decrease by $3 trillion over the next decade, deploying tax hikes on the wealthy, closing loopholes, and “cutting wasteful spending on Big Pharma, Big Oil, and other special interests.” “The president’s budget improves the nation’s fiscal outlook and reduces long-term fiscal risks by reducing the deficit, stabilizing deficits and debt as a share of the economy over the long run, and keeping the economic burden of debt within historical norms,” the White House said in a statement....