The national debt has exceeded $31 trillion and has now increased by $3.34 trillion since President Joe Biden took office.
QUICK FACTS:
- The U.S. national debt has officially surpassed $31 trillion and has increased by more than $3 trillion since Biden has been in the White House.
- Debt at the time of President Biden’s inauguration in 2021 was around $27 trillion, according to the Congressional Research Service.
- When President Donald Trump was in office, the national debt level was at $19.94 trillion before the Federal Reserve began printing money amid the COVID-19 pandemic.
- “In the past 18 months, we’ve witnessed inflation rise to a 40-year high, interest rates climbing in part to combat this inflation, and several budget-busting pieces of legislation and executive actions,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement Tuesday.
REPRESENTATIVE JAMES BAIRD ON THE NATION’S INCREASING DEBT:
“This is what happens when Congressional Democrats engage in unchecked partisan spending — and hardworking Americans are paying the price,” said Rep. James Baird (R-IN). “The American people deserve better.”
BACKGROUND:
- Last month, American Faith reported Biden wanting to spend $13.7 billion more in aid to Ukraine as his massive slush fund already approved by Congress earlier this year has run dry.
- This summer, the United States Agency for International Development (USAID) announced on Monday that it would send another $4.5 billion worth of taxpayers’ money to the Eastern European country in order to help the Ukrainian government function and provide social services for its people. Shortly after that announcement, the Pentagon stated that it would also provide an additional $1 billion worth of “security assistance” to Ukraine.
- According to reports, over $13.5 billion has gone to Ukraine since Biden has taken office.
