Let’s be clear about how this came to be.Clinton left office with a surplus.
Dubya told us “That’s your money” and sent us all checks from the US Treasury.
Dubya passed a massive tax cut.
Dubya got Medicare Part D into law, totally unfunded by any revenue.
Dubya started the bank bailout, meant to deal with the recession.
Obama continued the bailout.
Obama vastly increased the money supply, which he called “quantitative easing.”
Obama got the ACA passed, which Republicans immediately started starving of revenue.
Trump became president and dramatically cut taxes.
Trump was president when COVID-19 hit. He gave hundreds of billions to America citizens.
Trump approved $8.4 trillion (incl. COVID payments.)
Biden continued the payments, which totaled over $950 billion.
Biden approved $4.3 trillion (incl. COVID payments.)
Trump drastically cut taxes and relied instead on tariffs, which brought in far less than anticipated, and which were declared unconstitutional by the Supreme Court. This left a tremendous revenue hole in the budget, which President Trump is now filling with borrowed money.