Data included in a new report by the nonpartisan Congressional Budget Office (CBO) shows that America’s debt crisis grew substantially worse under President Biden. Without significant changes, the United States will face unprecedented budget challenges over the next decade, difficulties that could cause a large economic crisis.
In a recently published report titled “The Budget and Economic Outlook: 2025 to 2035,” CBO researchers projected government expenditures, revenues, and deficits for the U.S. government over the next decade.
CBO based its estimates on current law, not laws and spending programs that could develop in the future. That means CBO’s projections don’t consider policy objectives or proposed legislation from the Trump administration or the current Congress.
According to CBO’s baseline estimates, annual federal spending is on track to increase dramatically over the next decade. In 2035, CBO estimates government spending will reach $10.56 trillion, compared to a little over $7 trillion in 2025.
CBO also estimates the annual budget deficit will soar to $2.6 trillion in 2033 and remain above $2.5 trillion in 2034 and 2035.
These figures are even more remarkable when you consider that CBO projects that taxpayers in 2035 will contribute nearly $2 trillion more in personal income taxes than they did in 2024. CBO estimates personal income tax revenues will hit $4.41 trillion in 2035, compared to $2.42 trillion in 2024.
A comparison of previous CBO budget projections show that the Biden administration and the Congresses of the Biden era had a tremendously negative effect on the national debt.
In February 2021, just weeks after Biden entered the White House, the CBO estimated that in 2031 federal spending would reach $7.65 trillion. But in its latest report, the first published since Biden left office, it now estimates that spending in 2031 will be $9.06 trillion, a figure that’s 18% higher than the estimate made in 2021.
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Justin Haskins is a New York Times bestselling author and political commentator, the president and founder of The Henry Dearborn Liberty Network, and the founder of the Emerging Issues Center at The Heartland Institute, a national free-market think tank. (His work here does not necessarily reflect the views of The Heartland Institute.) Follow him on Twitter @JustinTHaskins.
