(CNSNews.com) - The budget proposal that President Joe Biden released today calls for the federal government to run a cumulative deficit of $14.53 trillion ($14,531,000,000,000) over the next ten years.
Under Biden’s proposal, the lowest the deficit would ever go in the next decade is in 2027, when it would hit $1,303,000,000,000.
The proposal says that it aims to reduce deficits starting a decade from now—rather than in the next ten years.
Biden, who is 78 years old, could serve as long as eight years as president--if he is elected to a second term.
“The full set of proposals in the Budget reduce the annual deficit by the end of the 10-year budget window and every year thereafter,” says the budget. “In the second decade, the Budget’s proposals reduce deficits by over $2 trillion.”
“A Budget that added to long-term deficits would worsen fiscal health, while a Budget that reduced deficits today by underinvesting in the American people would result in slower, more stratified growth that would cause more damage than one that invests appropriately,” it says.
“The Budget,” it says, “responsibly balances those needs and risks by charting an economically and fiscally sound course for the near term and the long term.”
According to Table S-1 in Biden’s budget, the deficit will be $3,669,000,000,000 this fiscal year. It will then drop over the next six years to hit a low of $1,300,000,000,000 in fiscal 2027. In fiscal 2028, it will rise to $1,424,000,000,000; then it will drop to $1,307,000,000,000 in fiscal 2029. But, in fiscal 2030, it will rise again to $1,477,000,000,000; and in fiscal 2031, it will rise to $1,531,000,000,000.