The United States has a debt problem. Biden’s budget won’t solve it.
An unfortunate mind-set has grown among our nation’s leaders. It is that the United States can overspend by more than $1 trillion a year indefinitely. Lawmakers assured the country that spending increases — for the wars in Iraq and Afghanistan, and then for economic support during the Great Recession and the pandemic — would be temporary. But, with few exceptions, the fatter budget items stuck around. President Biden released his budget proposal Thursday with a nearly $2 trillion deficit for 2024.