In his four-year term, former President Donald Trump ran up the national debt nearly twice as much as President Biden has during his term to date, a. It found that President Trump approved $8.8 trillion of gross new ten-year borrowing and $443 billion of deficit reduction, while President Biden approved $6.2 trillion of borrowing and $1.9 trillion of reduction. For Trump, $3.6 trillion was COVID-19 relief spending, while for Biden it was $2.1 trillion.
Why it matters: The winner of November's election faces a gloomy fiscal outlook, with rapidly rising debt levels at a time when interest rates are already high and demographic pressure on retirement programs is rising. The fiscal policies of the Trump administration added twice the amount to the national deficit as have President Biden’s, a new analysis has found.
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Source: Newsweek - 🏆 468. / 52 Read more »