President Joe Biden’s 2023 financial disclosure reveals new borrowing

President Joe Biden borrowed at least $50,000 last year with a line of credit for his vacation home, according to his annual financial disclosure, which the White House released Wednesday.

Local real estate records show the Bidens took out a $250,000 mortgage loan on their vacation property in Rehoboth in 2022. Last year, they reported borrowing between $15,000 and $50,000 against that line of credit, which has a variable interest rate. plus 1.99%. They have continued to draw on that line of credit over the past year, according to Wednesday’s disclosure, and now owe between $100,000 and $250,000. When asked why the first family withdrew more cash, a White House spokesperson provided no explanation.

The Bidens’ largest liability remains the 30-year mortgage on their primary home, which was taken out in 2013 at an interest rate of 3.375%. The outstanding balance is between $250,000 and $500,000, according to the disclosure, with officials only required to provide values ​​in a broad range.

Their other debts total $25,000 to $65,000 and consist of a term loan and loans on their life insurance policies.

The Bidens upgraded their non-real estate assets to between $1 million and $2.6 million, including $700,000 to $1.6 million in cash. A variable annuity, which invests in nine different mutual funds, is worth more than $135,000, while six life insurance policies are worth between $62,000 and $230,000.

Forbes estimated Joe Biden’s net worth at $10 million as of April 2024, largely through his two homes, which together were worth about $7 million.

His retirement savings are largely tied up in a government pension that pays him about $250,000 a year and is not required to be reported in the annual disclosure. He also reported having an IRA with $15,000 to $50,000 in cash and a retirement plan from his teaching days at the University of Pennsylvania worth more than $15,000.

Biden received less than $400 in royalties from two books called a 2017 memoir Promise me daddy and a 2008 autobiography called Promises to keep.

Jill Biden’s income consisted of her teacher salary from Northern Virginia Community College and less than $10,000 in royalties from three books.

Unlike Vice President Kamala Harris, who reported receiving nearly $1,700 worth of concert tickets from Beyoncé, the Bidens reported receiving no gifts.

Biden’s main opponent in November, former billionaire Donald Trump, asked for a 45-day extension to file his personal financial disclosure. It must be July 1st now.

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