President Joe Biden's budget proposal released Friday would extend rare and extreme levels of deficit spending not only through his term as presidency but halfway into the next term.
The budget proposal forecasts budget deficits that are higher than five percent of Gross Domestic Product, a level rarely seen except in a recession or its immediate aftermath, in each year until 2027.
The budget would make Biden the first U.S. president to ever preside over a government running a deficit that never dipped below 5 percent, assuming Biden is not re-elected.
If Biden were to be elected for a second-term, the budget would make him the president with the longest running budget hole of that size, surpassing Franklin Delano Roosevelt's Great Depression and World War Two record.
The budget deficit has rarely exceeded five percent of GDP in the post-war era.
The end of the Bush years and early Obama years also saw deficits that exceeded five percent of GDP thanks to the financial crisis.
Under the "Baseline" used for Biden's budget, which does not include his administration's big spending plans, the budget deficit would fall below 5 percent of GDP in 2023 and then climb down to 4 percent in 2027.
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Friday, May 28, 2021
Permanent Emergency: Biden Budget Envisions Ultra-High Budget Deficits Through 2027
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