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Fox Business: National Debt Nears $28 Trillion as Biden Prepares New Spending

January 20, 2021
Image for Fox Business: National Debt Nears $28 Trillion as Biden Prepares New Spending

Article by Thomas Barrabi in Fox Business

A national debt that surged as the Trump administration contended with the financial consequences of the coronavirus pandemic is expected to rise even higher as President-elect Joe Biden attempts to enact policies he touted on the campaign trail.

The national debt is approaching $28 trillion ahead of Biden’s inauguration on Wednesday after surging more than $7 trillion during Trump’s four years in office. The likely passage of additional coronavirus relief measures in the early days of Biden’s administration could add trillions more in debt, even before factoring in other policy changes.

Biden’s Treasury Secretary Nominee, former Fed Chairman Janet Yellen, said the “long-term fiscal trajectory is a cause for concern” during her Senate confirmation hearing on Tuesday. At the same time, she argued that financial aid measures were necessary to bolster an economy ravaged by the pandemic.

Biden identified several policy goals, such as an expansion of the Affordable Care Act, that would carry a hefty price if they are enacted. The president-elect faces pressure from the Democratic Party’s progressive wing, which favors aggressive spending to combat issues such as climate change, and likely opposition from Republicans seeking to rein in government spending.

In the days ahead of his inauguration, Biden unveiled a $1.9 trillion coronavirus relief proposal that included $1,400 direct payments to Americans and financial aid for state and local governments. Congress already passed nearly $3 trillion in aid under the Trump administration.

Ahead of the election, Biden outlined an expansion of the Affordable Care Act. 

In October, Biden acknowledged his plan would “cost some money,” requiring $750 billion in spending over a 10-year period.

Biden also pledged to make a $2 trillion investment in his first term toward sustainable infrastructure and clean energy, as well as additional spending on educationAnalysts warned about the surge in the national debt even ....

To read this article in Fox Business in its entirety, click here.

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