Fox Business: Biden, Pelosi, Schumer Push $1.9 Trillion Stimulus as Debt, Deficit Balloon to Eye-popping Amounts
Article by Jonathan Garber in Fox Business
The U.S. national debt will swell to nearly $30 trillion if Democrats are able to ram through their COVID-19 relief package via budget reconciliation.
The $1.9 trillion spending package will grow the U.S. budget deficit to $3.8 trillion in 2021 and put the government on a path to spend more money in one year than the previous 200+ years.
“Biden and company are set to borrow more money over the next 12 months than the U.S. government borrowed to finance the Revolutionary War, the Civil War, World War I, World War II, and the Cold War,” wrote Stephen Moore, former economic adviser to President Trump, in his Committee to Unleash Prosperity newsletter.
The size of the package has come under increased scrutiny from Republican lawmakers. Rep. Steve Scalise of Louisiana labeled the plan a “blue state bailout” for awarding $350 billion to state and local governments to fix budget problems that have been festering for years well before the pandemic began in March.
The aid plan also grants $750 million for COVID relief outside the U.S., $100 million for a Silicon Valley underground rail project and $50 million toward environmental justice purposes, among other things.
Passage of the $1.9 trillion COVID-19 relief package may not mark the end of Biden’s unprecedented spending spree.
Reports have been circulating in recent days that his administration has begun working on a recovery package that could .....
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