https://www.crfb.org/papers/trump-and-biden-national-debt
In companion analyses, we will show:
Two conclusions: No fiscally responsible deficit hawks are to be found in the Executive and they are few and far between in Congress or the parties in general. This is unsustainable.
In companion analyses, we will show:
- Roughly 77 percent of President Trump's approved ten-year debt came from bipartisan legislation, and 29 percent of the net ten-year debt President Biden has approved thus far came from bipartisan legislation. The rest was from partisan actions.
- President Trump approved $2.2 trillion of debt in his first two years in office and $6.2 trillion ($2.6 trillion non-COVID) in his second two years. President Biden approved $4.9 trillion ($2.9 trillion non-COVID) in his first two years in office and has so far approved over $600 billion of net ten-year deficit reduction since.
- President Trump approved $5.9 trillion of net spending increases including interest ($2.8 trillion non-COVID) and $2.5 trillion of net tax cuts ($2.0 trillion non-COVID). President Biden has approved $4.3 trillion of net spending increases including interest ($2.3 trillion non-COVID) and roughly $0 of net tax changes ($60 billion revenue increase non-COVID).
- Debt held by the public rose by $7.2 trillion during President Trump's term including $5.9 trillion in the first three years and five months. Debt held by the public has grown by $6.0 trillion during President Biden's term so far.
Two conclusions: No fiscally responsible deficit hawks are to be found in the Executive and they are few and far between in Congress or the parties in general. This is unsustainable.
