JonKoch
Gold Member
- May 14, 2017
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On January 20, 2021, the day President Joe Biden was inaugurated, the total U.S. national debt stood at approximately $27.75 trillion.The Biden admin. added $11 trillion to the debt.
When Biden took over the debt was $26 trillion and was $37 trillion when he left.
DOGE found out where a lot of that money went.....but our corrupt congress refused to vote for cost cutting measures for the president to sign. Over the 4 years of Biden....he increased the deficit over 85.9%.
USAID was one of the biggest ripoffs, responsible for $1.75 billion of deficit spending.
LINKS
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The USAID Budget for 2024 - The Borgen Project
The USAID Budget for 2024 addresses a wide range of topics with regard to global poverty and quality of life. The largest portion of this...borgenproject.org
Key details regarding the debt at the start of the Biden administration include:
- Amount: Data indicates the debt was $27,751,896,236,415, according to the Treasury Department.
Key facts regarding the debt during the Biden administration (January 20, 2021 – January 20, 2025):
- Total Increase: The national debt increased by over $8.4 trillion during his four-year term, rising from $27.75 trillion to over $36.2 trillion.
- Legislative Impact: The Committee for a Responsible Federal Budget (CRFB) estimated that President Biden approved $4.7 trillion in new ten-year debt through legislation and executive actions during his term.
- Major Debt Drivers: Major contributors to debt growth included the $1.9 trillion American Rescue Plan (2021), the Infrastructure Investment and Jobs Act ($1.2 trillion), and significant increases in net interest costs due to higher interest rates.
- Comparison: The debt increase under Biden was slightly higher than the $8.18 trillion increase during Donald Trump's four-year presidency.
The U.S. national debt has grown by nearly $16.79 trillion over the past decade, driven primarily by massive COVID-19 pandemic relief spending, the 2008 Great Recession's aftermath, major tax cuts (including the 2017 Tax Cuts and Jobs Act), and rising structural costs for Medicare and interest payments.
- Tax Reductions: Legislation such as the 2017 Tax Cuts and Jobs Act reduced federal revenue, with estimates suggesting tax cuts under previous administrations added over $10 trillion to the long-term debt.
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