Media: Trump administration inherited unpaid bills worth $300 billion from former president

The new US administration under Donald Trump is reportedly rushing to address up to $300 billion in unpaid bills inherited from Joe Biden's presidency.

This follows from an article by the New York Post, which states that the inherited figure ranges anywhere between $250 billion and $300 billion "depending on the method of measurement and classification.”

According to the article, the bills accumulated due to a "huge spending spree that Joe Biden unleashed in the final months of his presidency". While the report does not specify what the unpaid bills pertain to, the authors claim they been linked to initiatives aimed at securing a victory for former Vice President and democratic candidate Kamala Harris in the election.

Financial analysts cited in the article suggest that the previous administration masked excessive spending by rolling over short-term debt instead of issuing long-term bonds, which could have triggered higher interest rates and market instability.

While the exact amount is debated, experts agree that the federal government faces significant financial strain, and continuously rolling over debt is unsustainable as investors eventually demand higher interest rates.

The Trump administration acknowledges the financial challenge, the article reports, noting that the White House is trying to cautiously manage debt rollovers while relying on budget cuts from Elon Musk’s DOGE team to prevent a sharp rise in interest rates that could lead to a recession.

By Nazrin Sadigova