CRFB Report Misstates Debt Impacts

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Home | The U.S. House Committee on the Budget - House Budget Committee

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FACT CHECK ALERT: Debunking CRFB’s Analysis of Trump and Biden Impacts on the National Debt | The U.S. House Committee on the Budget - House Budget Committee

Summary

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77% Informative

Committee for a Responsible Federal Budget (CRFB) released a report entitled, “ Trump and Biden : The National Debt” The CRFB ’s report attempts to compare the fiscal impact of the policies of the current Administration with those of the previous Administration.

The report states the Biden Administration increased the federal deficit by just $4.3 trillion .

President Biden has overseen 11 interest rate hikes to combat the 40-year spike in inflation that resulted directly from the influx of funding into the marketplace.

The CRFB analysis errs in several respects: - By not using CBO data on the impact of legislative actions on projected deficits.

By significantly underestimating the cost of the Inflation Reduction Act (IRA).

Interest payments on the federal debt total $892 billion ( 3.1 percent of GDP) and are now projected to become the second largest item in the federal budget this year .

Interest costs are projected to increase further from 9 percent of federal revenue in 2021 to 18 percent in 2024 to 23 percent in 2034 .

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