Photo by<\/span>Kevin Dietsch\/Getty Images<\/span><\/span><\/div>\n<\/figure>\n In a recent speech<\/a>, President Joe Biden stated<\/a> that he had added more to the national debt of the United States than any other president in history, saying, “No President added more to the debt in 4 years than my President\u2026 I misspoke – 25% of our country\u2019s entire debt.” <\/p>\n Although Biden acknowledged<\/a> that he misspoke in his statement and corrected himself, the current financial outlook<\/a> for the U.S. debt does not seem to be optimistic. <\/p>\n To find the “Federal Government Financing and Debt” table in Biden’s proposal<\/a>, simply navigate to pages 142 and 143. <\/p>\n Here, you will find Table S-10<\/a>, which includes a subsection labeled “Debt Outstanding, End of Year.” <\/p>\n This section presents the Biden administration’s predictions for the total federal debt, as outlined in the budget proposal, for each fiscal year through 2032. <\/p>\n According to the table, the total federal debt<\/a> at the end of fiscal 2021 was $28.386 trillion, and by the end of fiscal 2032, it is projected to reach $44.797 trillion. <\/p>\n This means that under Biden’s budget plan, the federal debt would escalate by 57.8%<\/a> or $16.411 trillion in the 11 fiscal years, starting from fiscal 2021 when he first assumed office and ending in fiscal 2032. <\/p>\n Biden has often emphasized<\/a> that the federal debt significantly escalated during Trump’s presidency and has proudly claimed that his administration was responsible for reducing the deficit by $1.7 trillion, the most significant debt reduction in U.S. history. <\/p>\n However, this reduction cannot be credited<\/a> to any specific actions taken by his administration. Rather, it is due to the decline<\/a> in emergency relief spending following the disease outbreak. <\/p>\n Dan White, Senior Director of Economic Research at Moody’s Analytics, stated in an October CNN interview<\/a> that the Biden administration’s policies have resulted in a larger deficit, not a reduction. <\/p>\n The Committee for a Responsible Federal Budget<\/a>, an advocacy group, projected in September that Biden’s actions will add over $4.8 trillion to the deficits between 2021 and 2031, or $2.5 trillion excluding the 2021 American Rescue Plan relief bill. <\/p>\n It is claimed<\/a> that Biden’s Inflation Reduction Act, enacted last year, will result in a reduction<\/a> of more than $200 billion in the deficit over the next ten years. <\/p>\n However, it is predicted that the positive effect of this legislation will be outweighed<\/a> by the negative impact of other bills and policies that Biden has approved, causing the deficit to increase<\/a>. <\/p>\n<\/div>\n