As U.S. debt rises, Biden's spending proposals near $10 trillion
Biden's plans include massive spending proposals on climate change, healthcare, childcare, and eldercare.
The Facts Inside Our Reporter’s Notebook
- Biden campaign energy plan
- Committee for a Responsible Federal Budget: Democratic candidates' health plans
- Tax Policy Center: analysis of Biden's tax proposals
- Washington Examiner: Biden tax plan
- Tax Policy Center: analysis of Hillary Clinton 2016 tax proposals
- Just the News Daily Poll with Scott Rasmussen
- Washington Post: U.S. budget deficit
- Bureau of Economic Analysis: U.S. GDP
Democratic presidential candidate Joe Biden's spending proposals are nearing $10 trillion, even as U.S. debt continues to rise amid new coronavirus spending.
In the past month alone, Biden has proposed nearly $3.48 trillion in new taxes and spending.
Biden's new childcare and eldercare proposal released Tuesday calls for $775 billion in taxes and new government spending.
The Biden campaign's energy plan released last week will cost taxpayers $2 trillion. "Biden will make a $2 trillion accelerated investment, with a plan to deploy those resources over his first term, setting us on an irreversible course to meet the ambitious climate progress that science demands," stated the Biden campaign's website.
During a speech in Pennsylvania earlier this month, Biden also promised a $700-billion "buy American" manufacturing plan.
Adding the $3.48 trillion in spending proposed in the past month to the more than $6 trillion Biden had already proposed, brings Biden's total proposed costs to almost $10 trillion.
An analysis by the Committee for a Responsible Federal Budget estimated that Biden’s healthcare plan has a gross cost of $2.25 trillion and would add a net $800 billion after offsets to deficits over ten years.
Biden has vowed to raise taxes by $4 trillion, according to an analysis by the nonpartisan Tax Policy Center. Biden’s proposed $4 trillion in new taxes more than doubles the $1.4 trillion that Hillary Clinton proposed in 2016, according to a 2016 analysis by the Tax Policy Center, which is a joint venture of the left-leaning Urban Institute and Brookings Institution.
As the national debt approaches $27 trillion, members of Congress say federal stimulus spending must continue due to the pandemic, Just the News previously reported. The government spent $864 billion more than it took in during June, bringing the deficit to a record $2.7 trillion so far this year.
According to Treasury Department data, the debt held by the public is $20.6 trillion and the total outstanding national debt is more than $26.5 trillion. In 2019, the U.S. gross domestic product, the total size of the economy, was about $21.4 trillion.
The Biden campaign did not respond to request for comment from Just the News.
"Joe Biden is doubling down again on his 'plan' to hike taxes and massively increase the size of government," the Trump campaign said in a statement issued attacking Biden's childcare and eldercare spending plan. "Biden has drastically underreported the true costs of his plans ... Instead of pro-job and pro-growth policies, Biden is turning to an old friend — tax hikes and big government."