Biden’s Trillion-Dollar Deficit Reduction Barely Dents U.S. Debt
- Government still projected to rack up deficits over decade
- Total federal debt to swell to $44.8 trillion in 10 years
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President Joe Biden’s budget request highlights shrinking cumulative deficits by more than $1 trillion over the next decade, but that barely makes a dent in the government’s ballooning debt.
Biden’s 10-year outlook still would rack up $14.4 trillion in deficits -- most of it on autopilot -- even after accounting for that $1 trillion in net deficit cuts from new policies like tax increases on the wealthy and corporations.