Balgarianovinite.com
The United States’ $40 trillion debt is the fault of the Biden administration, Vice President JD Vance said Thursday.
“Even though the debt is too high, even though we inherited this debt bomb from the Biden administration, we actually do have a plan to get the economy growing faster than the debt,” Vance told Newsmax.
He continued, “And that’s the most important thing. The issue that we’ve had under the Biden administration and what we’re still kind of dealing with is that the debt was growing faster than American GDP. That’s the problem.”
Vance added, “That’s something that we’re certainly fixing every single day in the Trump administration. but even though the media doesn’t cover this, I’m glad you’re asking this question because [Treasury Secretary] Scott Bessent is very much on top of it.”
In June 2024, the Committee for a Responsible Federal Budget (CRFB), a D.C. thinktank, noted, “The national debt is on course to reach a record share of the economy under the next presidential administration, due in part to policies approved by Presidents Trump and Biden during their time in office, including executive actions and legislation passed by Congress.”
CRFB also reported Trump “approved $8.4 trillion of new ten-year borrowing during his full term in office, or $4.8 trillion excluding the CARES Act and other COVID relief” and Biden “approved $4.3 trillion of new ten-year borrowing, or $2.2 trillion excluding the American Rescue Plan” in his first three years of office.
Bessent said Thursday he believes the United States can “grow” out of the debt.
“Well, I mean, look Sara, there’s nothing magic about the $40 trillion number, and we can grow our way out of that,” he told CNBC’s Sara Eisen, per The Hill.
He added, “But what we do want to signal is I think there’s been a lot of misinformation in terms of what’s going on with the deficit, what’s going on with the deficit to GDP.”
Watch the above via Newsmax.
The post JD Vance Blames Biden ‘Debt Bomb’ For National Debt Crossing $40 Trillion first appeared on Mediaite.
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