President Joe Biden and First Lady Jill Biden are carrying a personal debt of up to $815,000, according to their financial records, with most of their liabilities stemming from a mortgage and an equity loan on their Delaware home. The records show that their assets are valued between $1 million and $2.6 million, while their liabilities range from $350,000 to $850,000.
The Bidens’ debt includes:
- A mortgage with a balance between $250,001 and $500,000, obtained from TD Bank in 2013 at an interest rate of 3.375%.
- A home-equity loan taken out in 2022, which increased from $15,001-$50,000 to $100,000-$250,000, with a variable interest rate and a 10-year term.
- A term loan of approximately $15,000.
- A loan against a mutual fund of about $50,000.
Despite their financial obligations, the Bidens reported a decrease in their liquid assets. For example, one of President Biden’s bank accounts showed a cash total between $50,000 and $100,000, down from $250,000 to $500,000 last year, while another account decreased from $100,000 to $250,000 to the same range of $50,000 to $100,000.
In terms of income from their literary works, President Biden reported receiving no royalties from his two books, “Promises to Keep” and “Promise Me, Dad,” this year. Similarly, Jill Biden reported no royalties from her memoir, “Where the Light Enters,” but did note receiving up to $1,000 in royalties for her two children’s books, “Don’t Forget: God Bless Our Troops” and “JOEY: The Story of Joe Biden.”
The financial disclosures, required annually under the Ethics in Government Act to prevent conflicts of interest, were made public by the White House on Wednesday. In contrast, former President Donald Trump, who faces several legal cases, has not made a comparable disclosure as he is not a current government official.
Vice President Kamala Harris and her husband, Doug Emhoff, also released their financial records. Harris disclosed receiving concert tickets from Beyoncé valued at $1,655.92 and football game tickets from ESPN worth $1,890. Emhoff reported income from teaching at Georgetown University and several investments linked to his former partnership at DLA Piper.
