The gross national debt of the United States has surpassed thirty-two trillion dollars. A milestone reached nine years sooner than what had been projected prior to the COVID-19 pandemic due to trillions of dollars of congressionally-approved COVID-19-related spending, marking an unsettling fiscal trajectory for the U.S. economy.
“The U.S. national debt has surpassed $32 trillion for the first time in U.S. history, Treasury Department data released on June 17th showed.
This represents about $25 trillion in debt held by the public and about $7 trillion in intragovernmental debt.
The debt limit was previously increased in December of 2021 to $31.4 trillion.
The Congressional Budget Office projects the federal deficit for fiscal year 2023 to be $1.4 trillion.
The federal government surpassed the $31 trillion mark on October 2nd, 2022—just over eight months ago.
The $32 trillion mark was reached nine years sooner than what had been projected prior to the COVID-19 pandemic, largely due to trillions of dollars of congressionally-approved COVID-19-related spending.
’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’, Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement.
House Republicans earlier this month unveiled a major tax cut proposal that seeks to grow jobs, bolster small businesses, and provide relief to inflation-squeezed households by leaving more of their hard-earned dollars in their wallets.
Meanwhile, Democrat lawmakers have introduced a bill that would essentially let Treasury ignore the debt cap and continue writing cheques with no limit. The Debt Ceiling Reform Act would authorize the Treasury Department to keep paying the government’s bills regardless of the statutory debt limit—unless Congress expressly says no”. -Mimi Nguyen Ly, Epoch Times
The national debt has risen almost fivefold from roughly two decades ago, as it exceeded thirty-two trillion dollars only two weeks after the U.S. government was given leave to keep borrowing without limits through 2024.
The Federal Reserve has been doing everything in its control to postpone the inevitable banking collapse since the economic bailouts in 2008, and the “emergency spending measures” and lockdowns were merely their way of kicking the can down the road for possibly a few additional years.
But sooner or later, and seemingly sooner, the bank’s chickens will come home to roost, and their amassed leverage will bring down the largest financial institutions in the United States and in the world.