Scroll down to see how big the national debt may get over the next few decades, and then read about how we got here. When President Joe Biden delivered his 2023 State of the Union address, Washington was drowning in a sea of red ink. The annual budget deficit was in the process of doubling from $1 trillion to $2 trillion in a single year due to some student-debt cancellation shenanigans. That year’s budget deficit would become the largest share of gross domestic product (GDP) in American history outside of wars and recessions. Economists at the Congressional Budget Office (CBO) and across the …