The U.S. national debt has increased twice as fast under President Joe Biden as of December 2023 compared to former President Donald Trump, according to data released by the Congressional Budget Office (CBO).
The national debt has grown by more than $6 trillion during Biden’s first term compared to slightly over $3 trillion during the same time frame during Trump’s term in office. Biden took office on Jan. 20, 2021 when the national debt stood at $27.7 trillion. Today, the total national debt is close to $34 trillion, according a Just the News review of U.S. Department of Treasury data.
The CBO projected that the deficit would average $2 trillion for fiscal year 2024, bringing the national debt to $36 trillion on Oct. 1, 2024, the end of the U.S. government’s fiscal year.