Biden's Budget Bust: How Biden's Budgets Have Blown Up Spending
President Biden’s Fiscal Year (FY) 2025 Budget will be released this coming Monday, March 11 (35 days late). While we wait, the House Budget Committee is analyzing data from last year’s budget and its impact on federal spending:
By the Numbers:
The President’s FY2024 budget proposed the highest sustained levels of spending in U.S. history:
- $82.2 trillion in spending over ten years, eclipsing 24.8% of GDP.
- This is $21 trillion higher than the pre-Biden CBO projection.
- As a share of the economy, this is 18% more spending than the historical average of the past half century (21.1%).
In FY2024 alone, Biden requested $6.9 trillion in spending, an increase of $748 billion over the already-bloated final FY 2023 spending level ($6.1 trillion) – that’s a 12.2% increase in just one year.
Non-defense spending, including Biden’s progressive pet project wishlist, would rise to an unprecedented 22.7% of GDP.
Entitlement programs would grow at an average yearly rate of 7.7% from the already-unsustainable 2023 level.
Meanwhile, spending for national defense would fall to just 2.5% of GDP, the lowest level since before Pearl Harbor.
Bottom Line:
President Biden’s reckless spending agenda is a threat to our national security and America’s way of life.
It threatens to destabilize today’s economy and rob future generations of Americans of the blessings of liberty that make our nation exceptional.
House Budget Republicans are on a mission to sound the alarm on the President’s incendiary spending and reverse the curse of our out-of-control public debt before it’s too late.
