Ron Klain, the president’s Chief of Staff, stated on Monday that fiscal prudence is “extremely essential” to people who work in the Biden administration, which has reported deficits of $4.2 trillion in fiscal years 2021 and 2022.
“Fiscal responsibility is very essential to us in the Biden administration,” Klain stated at the Wall Street Journal’s CEO Council Summit. “We are well aware that we must live within our financial limits.”
“I believe you’ll see it in the president’s budget, which will be released next spring,” Klain continued. “And you can see it in everything we’ve attempted to achieve over the last two years.”
The Biden administration has run large deficits over the previous two years, collecting less than it has spent. Joe Biden’s administration spent $1.4 trillion more in taxpayer dollars in fiscal year 2022 than it received.
In fiscal year 2021, Joe Biden’s administration spent $2.8 trillion over what it collected from taxpayers.
According to the Republican House Committee on Budget, Joe Biden’s 2021 spending binge resulted in the country’s second-highest deficit in history. In fact, the committee estimated, “it was $517 billion greater than the Congressional Budget Office had anticipated for 2021 after Democrats pushed through their $2 trillion American Rescue Plan.”
The Biden administration has contributed significantly to the deficits. The committee also determined that the government had spent more than $1 trillion in public funds on 600 executive actions. The Framers wanted Congress to be the institution in charge of the purse. However, checks and balances have been ignored in many situations because Congress tends to want to cede authority to the executive branch for political reasons.
Biden’s budget deficits have increased the national debt. For the very first time in history, American taxpayers are now accountable for over $31 trillion in previously spent funds. The Biden administration is responsible for $1.84 trillion of the total.
Since former Pres. Lyndon Johnson dramatically enlarged the welfare state, America’s debt has become a modern problem.
Past presidents have each contributed to the national debt: Ronald Reagan, $1.86 trillion; Gerald Ford, $223.8 billion; Richard Nixon, $121.3 billion; George W. Bush, $6.1 trillion; Bill Clinton, $1.4 trillion; George H.W. Bush, $1.4 trillion; Donald Trump, $8.2 trillion; and Barack Obama, $8.34 trillion.
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