Sen. Marie Cortez Masto (D-Nev.) (Getty images)
(CNS News) — When asked when Congress would balance the budget given that President Joe Biden’s budget plan racks up $14.5 trillion in cumulative deficits over the next 10 years, Sen. Marie Cortez Masto said, “We are still looking at it.”
On June 9, CNS News started to ask the senator, “President Biden has presented Congress with a budget that proposes running $14.5 trillion in deficits over the next decade. Will Congress balance the budget?” The senator interjected, “We are still looking at it,” in reference to Biden’s budget. She then repeated her response, “We’re still looking at it.”
In “The Budget Message of the President,” Biden defined the purpose of the budget as an investment in the economy. “With the resources provided by the American Rescue Plan, we are turning the corner on the pandemic, and powering an equitable economic recovery.”
The budget is providing for “additional proposals to reinvest in the foundations of our nation’s strength — expanding economic opportunity, improving education, tackling the climate crisis, and ensuring a strong national defense while restoring America’s place in the world,” said Biden.
As of June 8, the total debt of the federal government was $28,233,539,905,296.77, over $28 trillion.
Under Biden’s budget proposal, the federal government will continue to deficit spend (accumulate debt) for at least the next 10 years, with total borrowing hitting a combined $14.5 trillion in 2031.
The New York Times has reported, “President Biden would like the federal government to spend $6 trillion in the 2022 fiscal year, and for total spending to rise to $8.2 trillion by 2031. That would take the United States to its highest sustained levels of federal spending since World War II, while running deficits above $1.3 trillion through the next decade.” (Emphasis added.)