Speaking at the Wall Street Journal’s CEO Council Summit on Monday, the president’s Chief of Staff Ron Klain claimed that carefulness with taxpayers’ money “is very important” to those who work in the Biden administration – which posted deficits worth a combined $4.2 trillion in fiscal years 2021 and 2022.
Klain said, “Fiscal responsibility is very important to us in the Biden administration. We are very aware that we have to stay within our means economically. I think you will see that in the president’s budget that will come out next spring. And you see that in everything we’ve tried to do these past two years.”
During the last two years, the Biden administration has posted massive deficits, collecting less than it spent. According to the Bipartisan Policy Center, the Biden administration spent $1.4 trillion taxpayer dollars more than it collected in fiscal year 2022. In fiscal year 2021, the Biden administration spent $2.8 trillion more taxpayers’ money than it collected.
According to the GOP House Committee on Budget, Biden’s 2021 spending spree ran up the second-highest deficit in U.S. history. “In fact, it was $517 billion higher than the Congressional Budget Office had projected for 2021 after Democrats rammed through their $2 trillion American Rescue Plan,” the committee estimated.
For the first time in history, the taxpayers are now liable for over $31 trillion in money already spent. The Biden administration is responsible for $1.84 trillion of the total sum.