THE BASELINE and SPENDING

Over the past three years, Democrats have financed their radical agenda and vast expansion of the federal government with unprecedented levels of spending, adding $6.4 trillion to the national debt in just three years.

Projected 10-Year Spending

CBO’s report details that total spending over the decade is projected to be $82.7 trillion. By comparison, projected 10-year spending when President Biden took office was $61.2 trillion.

This consists of:

  • $51 trillion in mandatory spending
    • $19.9 trillion for Social Security
    • $13 trillion for Medicare
    • $7.1 trillion for Medicaid
  • $19.2 trillion in discretionary spending
    • $9.4 trillion for defense
    • $9.8 billion for nondefense
  • $12.4 trillion in net interest costs 

 

Comparison of FY24 Projected Spending by Baseline

Spending projections for FY24 have increased significantly since President Biden took office.

Compared to the February 2021 CBO baseline, FY24 projected spending has increased by almost $1.2 trillion, or 22.5 percent.

The table below breaks down the changes in these projections. 

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