BAD: Third-Worst in History

Red emergency light flashing on a red background.

(GoRealNewsNow.com) – Marking the third-highest deficit in American history, the Biden-Harris administration’s reckless spending spree has sent the U.S. budget deficit soaring to a staggering $1.8 trillion.

This fiscal disaster exposes the devastating impact of leftist policies on the country’s economic health and the future burden placed on hardworking taxpayers.

The Treasury Department (TREAS) revealed that the deficit has increased by $138 billion compared to the previous year, painting a grim picture of the government’s financial mismanagement.

This astronomical figure trails only behind the 2020 and 2021 deficits, which were inflated by pandemic-related spending.

However, unlike those extraordinary circumstances, the current deficit stems from the Biden-Harris administration’s unchecked spending and misguided policies.

In addition, one of the most alarming aspects of this fiscal catastrophe is the skyrocketing interest payments on our national debt. Interest costs have surged by nearly 30%, surpassing $1 trillion for the first time in history.

This unprecedented increase is a direct result of the Federal Reserve’s attempts to combat the inflation crisis caused by the administration’s reckless economic policies.

While the White House shamelessly attempts to deflect blame onto Congressional Republicans for tax cuts, the reality is that their own policies have driven the nation deeper into debt.

The Biden-Harris administration’s failed student loan forgiveness program, which the Supreme Court rightfully struck down, would have added over $330 billion to the deficit.

Despite the crisis, Treasury Secretary Janet Yellen claimed the U.S. economy had not only remained strong but also showed growth in 2024 as a result of the Biden-Harris administration’s successful performance.

Moreover, Yellen’s claim of a strong economy rings hollow in the face of these staggering deficit numbers.

The administration’s so-called “successful performance” has led to a deficit that now stands at 6.4% of Gross Domestic Product (GDP), up from 6.2% in the previous year.

As the national debt continues to spiral out of control, reaching a mind-boggling $28.2 trillion, it is evident that the Biden-Harris administration’s commitment to “fiscal responsibility” is nothing more than empty rhetoric.

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