‘Excessive’ Biden budget plan would cause national debt to hit nearly $51 trillion by 2033

March 10, 2023

The US national debt will balloon by nearly $20 trillion over the next decade under the spending outlined in President Biden’s $6.9 trillion budget proposal released on Thursday. Under Biden’s budget plan for fiscal 2024, the gross national debt would surge to nearly $51 trillion as of the year 2033 — up from its current level of roughly $31.5 trillion. President Biden’s budget plan calls for major tax hikes on the wealthy. The White House claims the budget plan — if enacted — would reduce the federal budget deficit by nearly $3 trillion over time. US federal debt as a share of GDP would surge to 110% by 2033.