Topline: President Donald Trump is spending taxpayer money 10% faster than Joe Biden was at this time last year, according to daily financial statements released by the U.S. Treasury.
Key facts: From Jan. 21 to April 18, the Trump administration withdrew $2.05 trillion from the Treasury. From Jan. 21 to April 18 in 2024, Biden’s administration withdrew $1.87 trillion — a difference of $180 billion.
The Department of Government Efficiency’s self-reported numbers claim savings of just $160 billion as of April 22, meaning Elon Musk and his team have so far been unable to keep up with the high spending levels of the last few months.
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The Wall Street Journal was the first to notice the spending gap a few weeks ago when the numbers were smaller, noting that “the Journal analysis found [DOGE’s] efforts have yet to affect the bottom line.”
Mandatory spending, which includes Social Security, Medicare and Medicaid, takes up 60% of the federal budget. Since Trump took office, Social Security spending is up $32.7 billion after a required 2.5% cost-of-living increase, and Medicare and Medicaid spending are up $29 billion, the Wall Street Journal found.
The administration is focused on rooting out fraud in entitlement programs, but must still address that Medicare and Social Security are underfunded by $167.7 trillion. Trump has promised to leave benefits untouched and has yet to propose large-scale reforms to the programs.
Interest payments take up 13% of federal spending, and the national debt will only continue to climb from its current level of $36.7 trillion. The continuing resolution Congress passed in March to fund the government this year will force the government to borrow an estimated $1.9 trillion.
Another 13% of spending goes to defense, which also appears unlikely to decrease under Trump. The president recently said he plans to request a record $1 trillion budget for the Pentagon.
Other factors beyond Trump’s control have also contributed to increased spending. The Supreme Court ordered Trump to resume foreign aid payouts after his attempt to shutter the U.S. Agency for International Development. Biden also approved a 2% raise for federal employees before leaving office.
Search all federal, state and local government salaries and vendor spending with the AI search bot, Benjamin, at OpenTheBooks.com.
Summary: Plenty of presidents have promised to reduce the national debt and balance the budget, but it has not happened since 2001. Large-scale change is necessary to accomplish that goal, not just a few small budget cuts.
The #WasteOfTheDay is brought to you by the forensic auditors at OpenTheBooks.com
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