POLITICS

Senate Democratic Budget adds $50,000 in debt to every household

By |
Photo -
Politics,Beltway Confidential,Conn Carroll

The United States Senate is set to begin voting on the first Democratic budget in over 1,400 days today, and the above chart from the Senate Republican Budget Committee shows why they waited so long.

Under the Senate Democrat Budget, gross federal debt is set to rise from $18 trillion this year to $24.364 trillion in 2023. Broken down per household that means the average American will see their share of the national debt rise from $140,000 this year to $191,000 in 2023.

Worse, as Sen. Mike Crapo, R-Idaho, confirmed while questioning Senate Democrat staff last week, none of the deficit reduction claimed by Democrats actually happens in the first year. From that testimony:

Crapo: And in terms of the overall budget deficit reduction that is achieved, whether it is through the taxes or the spending reductions that are claimed in the budget, what percentage of those are achieved in the first year? In other words, you are talking about a $1.85 trillion deficit reduction over ten, how much of that happens in year one?

Dem staffer: There are spending savings in year one, but in total it is about no in the first year.

Crapo: It’s about what?

Dem staffer: It’s zero in the first year in total because there are spending savings and spending costs.

Crapo: So I didn’t understand you. It’s zero in the first year?

Dem staffer: Yes, sir. On net, sir.

View article comments Leave a comment