The Biden Administration Has Approved $4.8 Trillion of New Borrowing

Prior to the pandemic, the U.S. national debt was on an unsustainable path. In 2020, policymakers appropriately enacted $3.4 trillion of additional borrowing to help fight the pandemic and stabilize the economy. Once the economy was strong enough, Congress and the White House should have stopped engaging in new borrowing and pivoted to focusing on implementing reforms to slow the growth of the national debt.