March 09, 2023
Biden Budget Top Ten
President Biden’s FY 2024 Budget contains the highest sustained levels of taxes, spending, and deficits in American history:
- Spending: $82 trillion* or 25 percent of GDP (18% above 50-year average)
- Taxes: $65 trillion* or 20 percent of GDP (13% above 50-year average)
- Deficits: $17 trillion* or 5 percent of GDP (44% above 50-year average
*over 10 years
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