- Sep 25, 2001
The outstanding public debt was $10.6 trillion when former President Barack Obama took office on January 20, 2009;
$19.9 trillion when former President Donald Trump took office on January 20, 2017;
and $27.8 trillion when Biden took office on January 20, 2021.
And now with interest rates MUCH higher, interest payments to service the debt will take a bigger chunk of the budget.
At $2.8 trillion, the FY 2021 budget deficit was the second largest in history—just short of the FY 2020 deficit of $3.1 trillion.
There's no budget for 2022. we're under continuing resolution.
Wonder what the budget and deficit will look like for 2023 (if a budget passes)?
And what do you think will be the consequences if we continue to deficit spend in the $Trillions$ every year?