Raising the debt ceiling will require a bipartisan effort
Senator Dick Durbin told CNN’s “State of the Union” anchor Dana Bash on Sunday that President Biden should “never” negotiate with Republicans about raising the debt.
“MAGA Republicans masquerading as a sacred picture as a budget balance should be aware of one important fact,” he said. twenty five%, Accumulated in four years of Donald Trump.”
While technically true, most of the ballooning U.S. debt has occurred in the last two decades under both Republican and Democratic administrations. US debt was about $5.8 trillion in his 2001, but by the time Obama took office he had doubled, with GW Bush taking his 18.4% share. Eight years later, it nearly doubled again to just under $20 trillion, with Obama at almost 29.7%.
Under Trump, it jumped another $7.8 trillion. 24.8%, thanks to Republican tax cuts and bipartisan measures to mitigate the impact of the covid-19 pandemic. So far, in his two years of Biden’s term, the national debt has exceeded his $3.6 trillion, or 11.7% of his total in U.S. history.
