RE:america is going into so much debt Nope. Biden is doing the right thing addressing USA crumbling infrastructure both digital and physical and its been along time since the US Gov actually allocated capital and paid any importance to how China was developing its countries tech and infrastructure.
Truman did it in the post war II era pledging $5Billion of support to rebuild Europe. America did not suffer the physical destruction and devastation like Europe did. But the Economic Recovery Act of April 3rd 1948 which is more popularly known as "TheMarshall Plan" provided a huge boon to US industries in support of the Marshall Plan.
This is not a time to be conservative-it's time to go big out of necessity alone given the state of the decline of America on the world stage that took a beating image and respect wise under the TRUMP admin .