New reports indicate that America’s national debt crisis grew substantially under former President Joe Biden. According to the nonpartisan Congressional Budget Office (CBO), the United States’ fiscal predicament was exacerbated under the Biden-Harris administration, and if change is not implemented soon, budget challenges could impose an economic crisis over the next decade.
The CBO report titled “The Budget and Economic Outlook: 2025 to 2035,” outlined projected government spending, revenue, and deficits over the next ten years based on current law. Notably, this does not consider any future policy changes that could occur in the Trump administration.
The research conducted by the CBO concluded that annual federal spending is on track to increase over the next decade, where in 2035, government expenditure will reach $10.73 trillion. Spending for 2025 is projected to reach $7 trillion. Furthermore, the annual budget deficit is forecasted to reach $2.4 trillion in 2033, $2.5 trillion in 2034 and $2.7 trillion in 2035.
Commentators have concluded there is one of two paths the United States could take to correct the impending debt spiral, in which the government is borrowing perpetually more money to pay the rising interest amounts on its debt obligations each year. The federal government could either dramatically increase taxes to shore up enough revenue or slash government spending.
The Trump administration is electing to choose the latter, which promotes economic growth compared to increased taxation, which thwarts consumer demand and business investment. The Department of Government Efficiency led by Elon Musk has recently embarked on a mission to rein in the federal government and reduce spending.
Musk recently commented on the debt on X about the “terrifying” amount of national debt the nation is accruing. Sen. Mike Lee wrote on X, “Anyone else find this deeply disturbing—even with the @DOGE numbers providing a glimmer of hope?” Musk replied, “The Debt Clock is terrifying.”
The American Tribune recently reported on comments from Musk while campaigning in Pennsylvania before the election, in which he described the “staggering amount” of fraud within federal spending. The multi-billionaire highlighted the importance of President Trump’s agenda to drain the swamp and restore trust in the U.S. government.
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“The amount of waste that happens with the federal government is really staggering. It’s a staggering amount of waste of taxpayer money,” he said, highlighting how big the problem is,” Musk began, standing before and American flag while wearing a golden Make America Great Again hat. Watch Musk below:
“We have to say, Well, what does this do for the citizens of America? How is this good for people in America? That’s it’s their money,” he said. “For some weird reason, a lot of people in the state, or whatever the politicians, they seem to forget that money being spent is, is your money,” he continued. “And if it’s not spending, being spent in a way that is beneficial to the American people, it’s a misuse of the funds. I mean, there’s this, there’s a lot of money that’s being spent where we’re sort of illegals are getting more benefits than citizens like that that doesn’t make any sense.”