- Mar 26, 2018
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- United States
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The Biden administration’s first major initiative was to borrow more, ostensibly to fight the covid crisis, though the $1.9 trillion American Rescue Plan was well in excess of what was needed and filled with plenty of non-covid spending. Even if, as the administration argued, it was better to err on the side of too much than too little, the administration should have urged a course correction when it became clear the bill significantly overshot the needs of the economy and that inflation posed a growing risk. Instead, the administration doubled down on this initial borrowing through a series of laws and executive actions.
Specifically, the administration and Congress went on a bipartisan borrowing binge for higher appropriations, infrastructure investments, spending on microchips, veterans’ benefits and aid to Ukraine, adding $1.4 trillion more to the debt. Rather than insisting the bills be paid for, Biden gave them full-throated support.
And that wasn’t all. The White House added to this fiscal irresponsibility by initiating an additional $1.1 trillion of borrowing through the aggressive use of executive actions, including his most recent unpaid-for student debt relief plan. The debt relief alone will cost a half a trillion dollars by my organization’s estimate. Others put the price tag even higher.
https://www.washingtonpost.com/opinions/2022/09/13/biden-debt-deficits-fiscal-responsibility/
Specifically, the administration and Congress went on a bipartisan borrowing binge for higher appropriations, infrastructure investments, spending on microchips, veterans’ benefits and aid to Ukraine, adding $1.4 trillion more to the debt. Rather than insisting the bills be paid for, Biden gave them full-throated support.
And that wasn’t all. The White House added to this fiscal irresponsibility by initiating an additional $1.1 trillion of borrowing through the aggressive use of executive actions, including his most recent unpaid-for student debt relief plan. The debt relief alone will cost a half a trillion dollars by my organization’s estimate. Others put the price tag even higher.
https://www.washingtonpost.com/opinions/2022/09/13/biden-debt-deficits-fiscal-responsibility/