Lubbock Times

WASHINGTON, D.C. – Under President Biden, the cost to service the national debt has increased significantly. Since January 2021, spending on interest has grown by 152 percent. Interest is now the fastest-growing obligation in the federal budget, driving deficits higher and potentially crowding out spending on other priorities.

House Budget Committee Chairman Jodey Arrington (R-TX) released a statement addressing the rise in interest costs: “Democrats’ reckless spending and Biden’s failed economic policies have resulted in record inflation and an explosion in interest costs - 152 percent during his Administration – crowding out national priorities like defense. It is time we put a stop to Washington’s spending addiction and implement policies that will reignite growth and prosperity."

President Biden’s deficit spending, including his use of executive actions, has contributed to an increase in the national debt by nearly $7 trillion during his tenure. This surge in deficits has led to inflation, prompting the Federal Reserve to raise interest rates to their highest level in almost two decades. Consequently, families are now spending nearly $17,000 more per year to maintain their standard of living compared to before President Biden's administration.