Joe Biden has proposed a budget framework that will allow the national debt to grow over the next decade by $19.8 trillion, according to his own administration's projections. The Congressional Budget Office estimates that the current debt limit compromise, dubbed the "Fiscal Responsibility Act," would reduce deficits by about $1.5 trillion over the next 10 years. This amounts to cutting 8% of the debt that would accumulate under Biden's budget framework. Current federal debts, liabilities, and unfunded obligations are $135 trillion, an average burden of more than $1 million on every home in the nation. Such levels of red ink have perilous consequences for nearly everyone, like higher inflation, wage stagnation, investment losses, and lower standards of living.