Fox News contributor Robert Wolf and former Trump economic adviser Steve Moore discuss the state of the U.S. economy as the debt default deadline looms on 'America Reports.'has increased by $1 trillion in the five weeks since President Biden signed a bill into law that effectively turns off the debt ceiling until 2025.
The national debt has increased $4.7 trillion since Biden took office in January 2021, and is expected to keep rising in the face of annual budget shortfalls of at least $1 trillion per year. So far in fiscal year 2023, the government has spent $1.16 trillion more than it has collected and the Biden administration is predicting a $1.5 trillion budget deficit when the fiscal year ends in September."And by the way, parenthetically, I want you to hear about the deficit. I cut the deficit $1.
Treasury Secretary Janet Yellen delayed certain federal spending while the debt deal was being negotiated, and borrowing surged as soon as the ceiling was suspended.