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(CNSNews.com) --The federal government ran a $2.7-trillion deficit in fiscal year 2021 and currently has a $475-billion deficit for fiscal year 2022. In addition, the national debt, as of Monday, was $30.19 trillion.
Despite the staggering debt and deficits, some Republican senators believe that President Joe Biden will not balance the budget.
At the Capitol on Thursday, CNSNews.com asked a few of the senators if Biden will ever balance the budget.
Sen. Tommy Tuberville (R-Ala.) said, “No, no, and hopefully we will as Republicans one day. That should be one of our number one priorities because we’re going to get so far in debt, we won’t be able to afford the debt payment, much less be able to pay the debt down. So it’s a huge concern and it should be a huge concern to everybody in this country.”
Sen. Richard Burr (R-N.C.) told CNS News “I think it’s unlikely.”
Sen. Joni Ernst (R-Iowa) said, “No, he won’t, no, no he won’t. As a matter of fact, Congress won’t even do that. So, we have a balanced budget amendment that we would love to see move forward and, honest to God, I don’t think that most of our members will support it. But I do, I think we need too.”
According to a table published by the U.S. Department of the Treasury in the Monthly Treasure Statement, the deficit of the U.S. government for fiscal year 2021 (Oct. 1, 2020 -- Sept. 30, 2021) was $2.775 trillion.
And in fiscal year 2022 (Oct. 1, 2021 – Sept. 30, 2022), so far, the federal deficit is $475 billion.
In addition, data from the Fiscal Data Treasury shows that the United States’ total debt, as of March 14, 2022, is $30.19 trillion.
President Biden’s budget plans for FY2022 include the American Jobs Plan and the American Families Plan. The jobs plan allegedly would create millions of jobs for Americans. This plan focuses on infrastructure, delivering clean water, and a renewed electrical grid, revitalizing manufacturing, as well as other goals.
The American Families Plan allegedly will help families financially and will include additional four years of “free education” for children in preschool (and also two years of community college); provide direct support to children and families, extend tax cuts for families with children and American workers, strengthen health care, along with other goals stated in the plan.
As claimed in the Fact Sheet for Biden’s budget for FY2022, “Over time, the savings from these reforms will exceed the cost of the investments, and by large and growing amounts. The American Jobs Plan and American Families Plan together are paid for over 15 years. And the full set of proposals in the president’s budget reduce the annual deficit by the end of the ten-year budget window and every year thereafter. In the second decade, the president’s budget proposals cut deficits by over $2 trillion.”
According to the National Republican Senatorial Committee (NRSC), using a Penn Wharton Budgeting Model, the American Jobs Plan “would actually stifle U.S. economic growth and kill American jobs.”
“According to the Budget Model, the Biden administration’s out of control spending would balloon the deficit, which ultimately ‘outweighs productivity boosts from the new public investments,’” said the NRSC. “And the administration’s tax hikes would ‘discourage business investment’ in American jobs and American workers.”