Sen. Young on Balancing Budget: ‘It’s Going to Take a Number of Years’

By Ashlianna Kreiner | June 11, 2021 | 11:33am EDT
Sen. Todd Young (R-Ind.)   (Getty Images)
Sen. Todd Young (R-Ind.) (Getty Images)

(CNS News) -- When asked when Congress would balance the budget given that President Biden's budget plan racks up $14.5 trillion in cumulative deficits over the next 10 years, Sen. Todd Young (R-Ind.) said, “It depends on when Congress can get the will to advance these things. I have the will right now.”

At the U.S. Capitol on June 9, CNS News asked Sen. Young, “President Biden has presented Congress with a budget that proposes running $14.5 trillion in deficits over the next decade. When do you think Congress will balance the budget?”

Young said,  “Well, it’s going to take a number of years. We, of course, need to continue growing the size of our economy to bring in more revenue, which should be our near-term focus as we emerge from this pandemic.”

“And look for every opportunity to illuminate wasteful government programs,” he said. “And, lastly, we need to figure out how to improve the largest and most unsustainable programs of government, which are actually driving our annual deficits as our population ages. So, I intend to play a constructive role in advancing each of those objections.”

When asked what year he thought these events might happen, Young responded, “It depends on when Congress can get the will to advance these things. I have the will right now.”

(Getty Images)
(Getty Images)

In “The Budget Message of the President,” Biden defined the purpose of the budget as an investment in the economy. “With the resources provided by the American Rescue Plan, we are turning the corner on the pandemic, and powering an equitable economic recovery.”

The budget is providing for “additional proposals to reinvest in the foundations of our nation’s strength -- expanding economic opportunity, improving education, tackling the climate crisis, and ensuring a strong national defense while restoring America’s place in the world,” said Biden.

As of June 8, the total debt of the federal government was $28,233,539,905,296.77, over $28 trillion.

Under Biden's budget proposal, the federal government will continue to deficit spend (accumulate debt) for at least the next 10 years, with total borrowing hitting a combined $14.5 trillion in 2031.

The New York Times has reported, "President Biden would like the federal government to spend $6 trillion in the 2022 fiscal year, and for total spending to rise to $8.2 trillion by 2031. That would take the United States to its highest sustained levels of federal spending since World War II, while running deficits above $1.3 trillion through the next decade."  (Emphasis added.)

MRC Store