Biden Budget Puts Spotlight on Deficit Crunch

Bloomberg: “His record so far is partially a mirage rather than a signal of a strong balance sheet: the $1.7 trillion reduction in the annual deficit under Biden is relative to extraordinary one-time costs of the pandemic, and many of his legislative accomplishments have expanded the shortfall.”

“And the president’s own budget projections would see the deficit increasing next year, from $1.6 trillion to $1.8 trillion. The gross federal debt would swell from $33 trillion this year to $51 trillion after a decade.”

New York Times: Missing from Biden’s budget: His plan for Social Security.