Record $34 Trillion Debt? Jean-Pierre: 'There's a Trickle-Down Debt' From Republicans (January 3, 2024)

The national debt had just crossed $34 trillion for the first time, and the White House said Republicans did it. “And do you have any reaction to the new data out of Treasury that the national debt has hit a record $34 trillion?” a reporter asked Press Secretary Karine Jean-Pierre on Jan. 3, 2024 [1].

“So, yeah, if you look at — if you look at that data, it’s a trickle — there’s a trickle-down debt. If you think about it, Republican tax cuts are responsible about 90 percent of it — of the increase in the debt as a share of the economy over the last two decades, excluding emergency spending,” Jean-Pierre said, according to the official White House transcript [1].

“And so, as we know — you’ve heard me say this; you’ve heard the President speak to this — of what he has done to certainly lower — lower the debt. He signed a legislation to lower the deficit by $1 trillion,” she said [1].

The video above shows the exchange at the Jan. 3, 2024, briefing. Quotes are from the official White House transcript and the Treasury Department [1][2].

The Debt on Biden’s Watch

Treasury’s own count tells the story. Total public debt outstanding was about $27.75 trillion on Jan. 20, 2021, the day Biden took office, according to the Treasury’s Debt to the Penny data [2].

By Jan. 2, 2024, it stood at about $33.99 trillion. That is roughly $6.2 trillion added in less than three years [2].

On Jan. 17, 2025, the last business day before Biden left office, the figure was about $36.21 trillion — roughly $8.5 trillion more than when he started [2].

”$10 Billion Per Day”

A reporter Jean-Pierre called Ed came back to the debt. “So, I heard you blame the Republicans for the federal debt, but President Biden has been in office for 35 months. And over the past three months, the U.S. has added $10 billion per day to the federal debt. So — and that’s not turning around. So, is there a discussion here about cutting spending then?” [1]

“Republican tax cuts are — are responsible for 90 percent — 90 percent of the increase in the debt. Ninety percent. That is something that Republicans are responsible for,” Jean-Pierre answered [1].

She did not answer the question about cutting spending. “The GOP and congressional Republicans — what they want to do is they want to continue with their MAGAnomics. What they’ve proposed will add $3 trillion to the debt. That’s — that’s the numbers. You’re a data guy. That’s the numbers,” she said [1].

Earlier, a reporter asked about a White House lunch. “And is there a list of the scholars and historians that the press office said he had lunch with today —” After Jean-Pierre began to answer, the reporter added: ”— in the lead-up to the January 6th —” [1]

“I don’t have a list to share at this time,” Jean-Pierre said. “This afternoon, the President met — or had lunch with a group of scholars and historians to discuss ongoing threats to our democracy, whether here or — and also abroad.” [1]

“He’s done it — he’s met with a diverse group of historians before. I don’t have a list to provide to you at this time,” she said [1].

Asked about Biden’s public schedule for the next two days, she said: “I don’t have anything at this — at this time for you. As you know, he will be traveling on Saturday for January 6 to Pennsylvania. That is something that the campaign is putting together.” [1]

“It Ebbs and Flows”

A reporter she called Jacqui raised the border. “A couple of weeks ago, you had said what we’re seeing at the border isn’t unusual. But in the month of December, there were more than 302,000 migrant encounters — the highest total for a single month ever recorded. So, does the administration concede that what we’re seeing now is unusual?” [1]

“What I said was, to be exact — is that what we’re seeing at the U.S. is — ebbs and flows in how many migrants arrive at the border. It’s something that happens every year,” Jean-Pierre said [1].

“Well, ICE reported that they only deported 142,000 in all of fiscal year 2023. December had more than double that cross in just a single month. So, how is — how is that really a measurable consequence?” the reporter asked. Jean-Pierre answered that “Since May 12th, DHS has been able to remove and return over 460,000 individuals.” [1]

She called Texas’s barrier “a political stunt.” “Governor Abbott’s razor wire does not prevent — it does not prevent non-citizens from unlawfully crossing,” Jean-Pierre said [1].

”Any New Year’s Resolutions?”

A reporter asked a lighter question. “And does he have any New Year’s resolutions? (Laughter.)” [1]

“I don’t have the President’s New Year’s resolution. I think — what I will say is that the President wants to continue doing the job that he — that he has said that he’s going to do on behalf of the American people,” Jean-Pierre said. She listed “Bidenomics, making sure that the economy works for all while building the middle class.” [1]

“16 Days Away”

She opened the briefing by attacking House Republicans. “And with that — we are just 16 days away from parts of the government shutting down. Sixteen days away. Sixteen,” Jean-Pierre said [1].

“But instead of entering this year with a new approach to deliver for the American people, House Republicans are prioritizing baseless impeachment stunts,” she said [1].

By the Numbers

$34 trillion: the record debt the reporter cited [1].
About $27.75 trillion: the debt when Biden took office [2].
About $36.21 trillion: the debt on his last business day in office [2].
90 percent: the share of the increase Jean-Pierre blamed on Republican tax cuts [1].
302,000+: migrant encounters in December 2023, a monthly record, per the reporter [1].

What Happened Next

The debt kept climbing. In the year after the briefing, total public debt outstanding rose by about $2.2 trillion more before Biden left office, according to the Treasury [2].

For Jean-Pierre calling Biden’s record “Bidenomics in action,” see HYGO News’ page on July 26, 2023. For Biden’s claim that he cut the deficit by $1.7 trillion, see the page on Milwaukee.