Democrats are in full-scale panic after last week’s disastrous debate. Subsequent coverage has focused on the President’s performance, but today we are addressing one of the debate statements about the deficit.
In the debate, President Biden said: “He [Trump] had the largest national debt of any president in a four-your period, number one.” At the Office of Management and Budget’s historical tables page on the White House website, there is a file (table 1.1) that looks at the summary of receipts, outlays, and surpluses or deficits (-) from 1789 through 2029 (estimate). The OMB data shows a different picture. In Trump’s four years, the federal budget added 5.56 trillion dollars to the deficit. In Biden’s first three years, his budgets added 5.84 trillion.
Receipts in Biden’s first three years matched Trump’s four years, and the same comparison was true for spending. While Trump spent over 6 trillion dollars in 2020 to deal with COVID, each of the three prior years were under 4.5 trillion.
The difference between the two has been that Biden has normalized the COVID level of spending. In 2022 and 2023, he spent over 6 trillion, and the OMB estimate for 2024 increases to almost 7 trillion (6.9). In the projected four-year period estimated by OMB, President Biden’s federal budget deficits would reach 7.70 trillion dollars, which would be 2.14 trillion dollars larger than the four-year total for Trump’s presidency.