WASHINGTON (Pakistan Point News / Sputnik - 03rd February, 2022) US President Joe Biden wants a responsible fiscal policy and lower national debt despite the record high debt of more than $30 trillion that the Biden administration attributes largely to former President Donald Trump, White House spokesperson Jen Psaki said on Wednesday.
"The President believes we need to have a sustainable and responsible fiscal policy, which is why he put forward ways to pay for his major proposal," Psaki said during a press briefing. "I'd also note that this stands in significant contrast from the previous administration. As we look to the debt, which obviously the President wants to be lower, it's important to note that more than 95% of the national debt was incurred before he took office."
Psaki noted that the national debt increased by $7.8 trillion during the Trump presidency and it accounts for about 30% of its total.
The national debt reached a record high of over $30 trillion, according to recent US Treasury Department data. The debt rose almost $7 trillion since late January 2020, when the COVID-19 pandemic and subsequent public health measures first impacted the US economy, the data showed.
Financial experts interviewed by US media said the record debt was reached several years earlier than was anticipated as a result of the trillions of Dollars spent during the COVID-19 pandemic.
