HomePoliticsUS National Debt Hits All-Time High Of $32 Trillion

US National Debt Hits All-Time High Of $32 Trillion

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The daily update from the Treasury indicates that as of June 16, the total national debt reached a record high of $32.04 trillion.

This amounts to approximately $7 trillion in government debt across all branches and departments and approximately $25 trillion in debt held by American citizens.

It has been less than two weeks since President Joe Biden signed the Fiscal Responsibility Act into law. A provision in the legislation passed on 3 June suspends the debt ceiling for 19 months, enabling the government to borrow funds until the end of 2024.

The debt threshold was previously increased to $31.4 trillion in December 2021.

The total national debt stood at $31.47 trillion on June 3, but federal borrowing increased by nearly $400 billion the business day following Biden’s signature.

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The Congressional Budget Office estimates that the federal deficit for fiscal year 2023 will be $1.4 trillion.

According to the administration’s budget proposal for 2024, the aggregate national debt is expected to surpass $50 trillion by 2033, despite the fact that the law Biden signed also includes approximately $1.5 trillion in expenditure cuts over the next decade.

Over the next decade, this will equate to more than $17 trillion, which is greater than the national debt held by the general population as of COVID-19.

On October 2, 2022, or roughly eight months ago, the federal government surpassed $31 trillion.

Due to trillions of dollars in COVID-19-related expenditures authorized by Congress, the $32 trillion mark was reached nine years earlier than expected prior to the outbreak.

The president of The Committee for a Responsible Federal Budget, Maya MacGuineas, remarked in a statement: “We can’t even get through a single fiscal year anymore without adding a trillion dollars in debt, and $33 trillion is likely just around the corner.”

“Our debt addiction saddles the next generation with a debt burden that only grows larger so long as we insist on ducking the hard choices of governing.

“We need a return to responsible fiscal policy if we’re ever going to get ourselves out of this mess. The formula to get there should be simple: no new borrowing—meaning fully offset all new spending or tax cuts—and better yet, hold off on them until our debt is under control; address the drivers of our runaway debt; and reform our broken budget process. It’s not rocket science—it’s pretty darn straightforward, and it’s time for our politicians to get to work before it’s too late.”

A little more than a week ago, Steve Bannon had a pessimistic outlook for Kevin McCarthy as a result of his concession to Democrats on the debt ceiling increase.

According to Bannon’s comments to Newsweek, the Fiscal Responsibility Act of 2023, on which the Senate voted on June 1st, was fundamentally a Democratic measure. He cited the 165 House Democrats who supported it and propelled it to victory, which the leadership and President Joe Biden lauded as a victory over “extreme voices.”

Only 149 House Republicans supported it. During the final negotiations between Biden and McCarthy, the GOP was unable to obtain some of its most important demands, including a less-than-desired return of already-spent COVID-19 relief funds and less stringent modifications to the expanded work requirements for Medicaid and the Supplemental Nutrition Assistance Program (SNAP).

“I think [McCarthy’s] gonna be gone relatively quickly,” Bannon predicted. “It can’t exist like this. He double-crossed people. He lied to people. He had all these press conferences, ‘We’re gonna hold the line,’ and he was already giving it away.”

Approximately $1.3 trillion of the reductions result from the legislation’s restriction on non-defense discretionary expenditure for fiscal years 2024 and 2025. In 2024, expenditures will be nearly the same as they are now, and they will increase by no more than 1% in 2025.

McCarthy has lauded as successes his efforts to persuade the Biden administration to divert $20 billion in anticipated funding for the Internal Revenue Service (IRS) to other non-defense sectors and to lift the lengthy COVID-era moratorium on student loan repayments.

For Bannon and the House Freedom Caucus, four trillion dollars is the most significant number. Regardless of the “marginal, small cuts” agreed to by the senior officials of both parties, he previously told Newsweek that the agreement will increase the national debt by at least that amount.

According to Bannon, McCarthy was outmatched by House Minority Leader Hakeem Jeffries, who lauded Biden’s leadership for thwarting the “extremism” of House Republicans during negotiations and claimed that the final package was a Democratic victory.

McCarthy cannot even convene procedural votes on legislation that would prevent the prohibition of gas stoves due to the sufficient number of House Republicans “holding the floor” during the current session.

“Right now [McCarthy’s] being bled out every day on this, and if these guys seize the floor, they’re not going to give it up,” Bannon added. “This is a forcing function to show that he’s actually in partnership with Hakeem Jeffries—that Hakeem Jeffries is actually the majority leader and not [Republican] Steve Scalise.”

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