In Reply to: The budget is as unbalanced as the President posted by mh on October 27, 2025 at 17:33:54
including one time COVID spending.
Former Treasury Secretary Steve Mnuchin, unsure how much tax revenue would be collected, borrowed well over $1 trillion—but kept it in reserve, without ever spending it.
Biden, however, spent that reserve, then borrowed another $7 trillion on top of it.
Instead of simply allowing that one-time emergency COVID spending to expire, Biden and the Democratic Congress continued spending at that same COVID-era level, thus institutionalizing multitrillion-dollar deficits.
Accounting for the changes in cash balances at the Treasury, the debt actually rose $6.5 trillion during Trump’s entire term—and is up $7.9 trillion in less than four years of Biden’s tenure.
Worse, the Treasury has announced that it anticipates needing to borrow another $800 billion from July through September of this year, followed by hundreds of billions more from October to December as federal finances further deteriorate.
All told, Biden will likely oversee a net increase in the debt of more than $9 trillion in a single term—a new record.
Biden wanted to spend $2 trillion more in the last year and a half, but conservatives in the House blocked the added bloat.