The Fiscal Year 2022 budget proposal anticipates a significant increase in annual deficits and total debt. Cumulative annual deficits (for years 2022-2031) would be nearly $14.5 trillion. This is $1.355 trillion more than the Congressional Budget office projects under current law (which was already increased about $1.8 trillion with passage of the American Recovery Act in March.) 

Such an increase would cement trillion-dollar annual deficits for the foreseeable future. While annual deficits will fall from pandemic and stimulus–induced $3.67 trillion for the current fiscal year, they are not expected to dip below $1.359 trillion, totaling $14.5 trillion over the next decade.   

Federal debt held by the public already totals $22 trillion (and another $6 trillion the government owes itself) and exceeds the annual output of the economy. If the budget assumption held true, federal debt compared to GDP would rise to a record 117 percent in 2031. This would be an unprecedented level.