President Joe Biden is set to push the U.S. debt trillions of dollars higher than forecasted, according to new data from the Congressional Budget Office.
The nation is set to add $19 trillion to its debt in the next decade, around $3 trillion more than predicted by the last forecast, the nonpartisan agency reported.
The CBO calculated a $1.4 trillion difference between government spending and tax revenues this year and estimates a $2 trillion annual average gap for the next 10 years.
The estimates come as Congress spars with Biden over raising the debt ceiling, with Republicans looking to negotiate cuts in spending. The ceiling regulates the amount of money the federal government can borrow to fulfill its obligations.
The current limit is $31.4 trillion, which the government hit last month. The Treasury Department advised agencies to use special funding, with a default possible in the summer.
House Speaker Kevin McCarthy (R., Calif.) called on Biden to find “common ground” with the GOP to find a “responsible” debt ceiling.
“Washington fell for a financial fad,” McCarthy said on Feb. 6, “that the national debt doesn’t matter.”
“You voted against raising the debt ceiling, Mr. President,” McCarthy said, pointing to a 2006 vote by Biden against a GOP bill to raise the limit. “Surely we both agree that the national debt is too high.”
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