320 free community college and prepare. here is a question the national debt right now is 31 point 46 trillion dollars how can we have for this can t this add to the national debt jonathan, thank you for this remember, budgetary abou values this president says that all the time it s not just about numbers. it s about what you value an who are you for. this president has made clea with this budget that he is fo working families and the middl crass. that is in stark contrast with some of our friends on the other side of the aisle wh want to continue to give tax giveaways to the wealthiest in this country this president wants to invest in the american people you talked about som proposals. paid leave is a good example that we think we must invest i this country in order to gro the economy. he also believes that we hav to do this fiscall responsibly. that is why this president has
whether or not we pay our debt. the truth is, president biden increased spending and the emergency covid spending started to end in the first and second years of the president s term. now the increased spending he signed into law is starting to show. a new federal deficit is projected to be 1.4 trillion this year and then the cbo report says the deficit over the next ten years has been revised up by 3 trillion because of newly enacted legislation and changes to the economic forecast. the debt trajectory is unsustainable. you can look at what is happening to the cost of net interest payments of servicing this debt. it doesn t get better after 2053 put it that way under current law. and so fiscal trajectory is unsustainable. the federal debt will reach more than $46 trillion in 2033. you have to either add revenue
and one of the key points that we have made is that most of the emissions, historic emissions that have occurred were put there by the wealthier countries, basically the western countries, whereas the impacts of climate change will be felt mainly in the developing world. so there is a clear issue of climate fairness orjustice, and if you look at the numbers, basically one could argue that there is a greenhouse gas debt, that the western countries have exceeded their share, fair share of emissions, and i have some numbers here, which i won t quote, but if you look at the value of that debt i did a quick calculation it is something like $46 trillion, right? whereas the total debt, the financial debt of the developing countries is only 11 trillion. so climate justice says, ok,
it is something like $46 trillion, right? whereas the total debt, the financial debt of the developing countries is only $11 trillion. so climate justice says, ok, if you owe $46 million, erase the financial debt, and over a period of time in instalments, you pay the remaining $36 trillion. now, just to put it in context there is $2 trillion a year being spent on armaments, so the money is there. right. sure, the money is there. but you re talking about trillions. applause as samantha said, you d be lucky to get millions or even billions. but, ruwan, your response? i mean, the question is
sustainable development and climate change. and one of the key points that we have made is that most of the emissions, historic emissions that have occurred were put there by the wealthier countries, basically the western countries, whereas the western countries, whereas the impacts of climate change will be felt mainly in the developing world. so there is a clear issue of climate fairness orjustice, and if you look at the numbers, basically one could argue that there is a greenhouse gas debt, but the western countries have exceeded their share, fair share of emissions, and i have some numbers here, which i won t quote, but if you look at the value of that debt, i did a quick calculation, it is something like 46 trillion dollars, right? whereas, the