WASHINGTON, DC – Today, Congresswoman Jen Kiggans (VA-02), released the following statement regarding the President’s 2024 Budget:
“Today, President Biden released his 2024 budget; it is all about more spending which will then lead to more inflation. Period. As proposed, this budget would cause the national debt to hit nearly $51 trillion by 2033, which is almost impossible to comprehend.
“The President has once again failed to offer Americans a responsible budget that stops wasteful spending, eliminates government waste, stabilizes our debt, or puts us on a path to balance. Fiscal responsibility is absolutely critical if we want to create a stronger, more prosperous nation for the next generation.
“We must restore strength in our nation’s economy and that starts here in our nation’s capital.”
BACKGROUND
In February, the non-partisan Congressional Budget Office (CBO) said their last ten-year debt projection in May of 2022 was off by $3 trillion, adding a terrifying total of $20 trillion dollars to our national debt over the next decade. The CBO explained that expensive legislation, costly actions by President Biden, and increased interest payments (in response to inflation) is the driving force behind their massive, multitrillion-dollar upward revision.
In June of 2022, inflation soared to 9.1% year-over-year, the highest number in 40 years. Since March of 2022, the Federal Reserve has hiked interest rates 8 times, with Federal Reserve Chairman Jerome Powell stating that “the ultimate level of interest rates is likely to be higher than previously anticipated”. Over the last twelve months, the Federal Reserve has increased interest rates from 0.08% to 4.57% to combat inflation.
Yesterday, the CBO held a briefing for both Republicans and Democrats to ensure that every Member of Congress was provided with the same, up-to-date numbers. During that briefing, the CBO confirmed that over the next 30 years, the debt held by the public would be 195% of GDP.
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