Bipartisan effort wanted to boost debt ceiling
Senator Dick Durbin informed CNN’s ‘State of the Union’ anchor Dana Bash on Sunday that President Biden ought to “completely not” negotiate with Republicans on elevating the debt.
“Those that are posing for holy photos as finances balances, the MAGA Republicans, ought to be aware one vital truth,” he mentioned. “Virtually 25 p.c of all the nationwide debt gathered over the historical past of america, 230 years, was gathered throughout the 4 years of Donald Trump.”
Whereas technically true, the vast majority of the ballooning US debt has occurred over the previous 20 years below each Republican and Democratic administrations. The US debt stood at roughly $5.8 trillion in 2001, by the point Obama got here to workplace it had doubled, giving GW Bush 18.4% share. Eight years later it almost doubled once more to simply shy of $20 trillion, giving Obama nearly 29.7%.
Below Trump it jumped one other $7.8 trillion, 24.8%, due to Republican tax cuts and bipartisan measures to alleviate the fallout from the covid-19 pandemic. Up to now, within the two years of Biden’s time period the nationwide debt has risen over $3.6 trillion, or an 11.7% share of the general quantity over the historical past of america.