Biden’s “excessive” budget plan would push the national debt to nearly $51 trillion by 2033.

The US national debt will rise by nearly $20 trillion over the next decade, in line with spending outlined in President Biden’s $6.9 trillion budget proposal released Thursday.

According to Biden’s fiscal year 2024 budget plan, gross public debt will rise to almost $51 trillion by 2033 – up from the current level of about $31.5 trillion.

Federal debt as a share of US gross domestic product (GDP) will rise to a record 110% by 2033, up from 98% this year, breaking a dubious record set since the end of World War II.

The American public’s share of debt will jump $19 trillion to $43.6 trillion over 10 years.

Growing federal debt means that more taxpayer dollars will go towards paying interest bills on past spending rather than funding needed projects in the future.

The spending projections set out in the Biden plan are “excessive,” said Maya McGuineas, president of the non-partisan Committee on a Responsible Federal Budget.

“Next year’s spending at $6.9 trillion will be higher than at any time during the pandemic and about $2.5 trillion above pre-pandemic levels, representing a 55 percent increase.”

Since Biden took office in 2021, the White House has already signed over $5 trillion in new debt tied to legislation and executive orders, including a bipartisan physical infrastructure bill and a broader spending bill. called the Inflation Reduction Act. who passed through the party line last year.

Biden’s latest budget proposal calls for $5.5 trillion in tax increases over the next decade to offset the cost of various projects, including defense spending increases, federal payroll increases, climate change-related initiatives, and expanded Medicare benefits.

“It will take presidential leadership to make real change, and this budget is not enough to make containing our dangerous debt levels a top national priority,” McGuineas said.

The White House says the budget plan – if passed – will cut the federal budget deficit by nearly $3 trillion over time.

Biden’s proposal has surfaced as Republicans and Democrats remain deadlocked in negotiations to raise the federal debt ceiling and avert the potential economic disaster that a US default could bring.

Republicans, who have demanded spending cuts as a precondition for raising the federal borrowing limit, will almost certainly reject the president’s plan.