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US debt surged by $7 trillion under Trump. It will go much higher under Biden

January 14, 2021. Summarized by summa-bot.

Compression ratio: 19.8%. 1 min read.

WILMINGTON, DELAWARE - JANUARY 08: U.S. President-elect Joe Biden delivers remarks after he announced cabinet nominees that will round out his economic team, including secretaries of commerce and labor, at The Queen theater on January 08, 2021 in Wilmington, Delaware. Biden announced he is nominating Rhode Island Gov. Gina Raimondo as his commerce secretary, Boston Mayor Martin J. Walsh his labor secretary and Isabel Guzman, a former Obama administration official, as head of the Small Business Administration. (Photo by Chip Somodevilla/Getty Images)

President Donald Trump certainly lived up to his self-proclaimed status as the King of Debt during his term in office. The national debt spiked by $7 trillion during Trump's tenure -- and it's about to soar much higher under his successor.

Armed with a slim majority in the US Senate, President-elect Joe Biden is expected to make the case Thursday for a $2 trillion fiscal package to repair and rebuild the economy.

"This is the time to hit the fiscal accelerator to get the animal spirits moving and get the economy back on track," Brusuelas added.

"It seems quite premature to say we need another $2 trillion now given what we just passed," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a bipartisan fiscal watchdog group.

In early January, CRFB projected the US budget deficit would total $2. 3 trillion for fiscal 2021, down from $3. 1 trillion last fiscal year.

Given that Democrats now control the US Senate, MacGuineas said the budget deficit is likely to go even higher than previously estimated.

"The Trump administration was one of the most fiscally reckless of recent times," said MacGuineas.

The Biden administration may have a difficult time convincing lawmakers to support $2,000 stimulus checks -- a popular idea advocated by both Trump and Senator Bernie Sanders.

Brusuelas said the next round of stimulus checks should be limited to unemployed Americans and those who can document income loss.

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