spot_imgspot_img

U.S. borrowing tops $1.9 trillion so far this year

The federal government borrowed $1.9 trillion in the first eleven months of fiscal year 2024, including $380 billion in August, a startling amount as federal watchdogs sound the alarm on spending.

Those borrowing figures come from the the latest Monthly Treasury Statement from the Treasury Department.

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said that is roughly $6 billion borrowed per day this fiscal year

“America faces steep fiscal challenges in the very near future – next year alone, we’ll need to confront the multi-trillion dollar question of extending the 2017 tax cuts, we’ll need to raise the debt ceiling, and we’ll need to address the expiration of discretionary spending caps,” she said. “In just three years, the national debt will be at a higher share of the economy than any point in history. And in less than a decade, the Social Security retirement trust fund will go insolvent, leaving beneficiaries with automatic and across-the-board cuts without action.”

She said it’s time for former President Donald Trump and Vice President Kamala Harris to dig into the issues.

“Given these pressing deadlines, it’s more important than ever for the presidential candidates to take seriously the threats posed by high and rising debt and deficits,” MacGuineas said. “Yet the debate earlier this week was another opportunity for fiscal clarity that fell flat – instead, we heard far more about what the candidates propose for new spending and tax cuts than we heard about how they will pay for them.”

She said the candidates need to come up with a plan.

“Both elected officials and candidates for our nation’s highest office will need to pivot towards the specifics on deficit reduction – and soon – if we’re ever going to see a more responsible federal budget become a reality,” she said.

The research arm of Congress has given similar warnings. A Congressional watchdog told President Joe Biden and Congress in February that the federal government is on an “unsustainable long-term fiscal path.” The report from the U.S Government Accountability Office said federal spending levels couldn’t be supported long term.

“The federal government faces an unsustainable long-term fiscal path,” according to the U.S Government Accountability Office report. “We project that debt held by the public as a share of the economy will more than double over the next 30 years and will grow faster than the economy over the long term if current revenue and spending policies are not changed.”

U.S. Comptroller General Gene Dodaro said Congress must take action.

“Congress and the administration must act to move the nation off the untenable long-term fiscal course on which it is currently operating,” said Dodaro, who leads the GAO. “The federal debt level is growing at a rate that could threaten the vitality of our nation’s economy and the safety and well-being of the American people. Both spending and revenue issues need to be addressed as part of a comprehensive long-term plan.”

DON’T MISS OUT

Be the first to know about the latest news, giveaways, events, and updates from The Black Chronicle!

We don’t spam! Read our privacy policy for more info.

spot_imgspot_img
spot_img

Hot this week

African and Caribbean Nations Call for Reparations for Slave Trade, Propose Global Fund

Nations across Africa and the Caribbean, deeply impacted by...

Health care company agrees to pay $22.5 million to settle claims of over billing

A health care company agreed to pay nearly $22.5...

Sports betting expert offers advice on paying taxes for gambling winnings

(The Center Square) – Tax season is underway, and...

Entertainment district benefits don’t outweigh the cost, economists say

(The Center Square) — Weeks later, after more details...

Business association ‘disappointed’ by WA L&I’s proposed workers comp rate hike

(The Center Square) – The Association of Washington Business...

Trial date set in WSDOT gas price whistleblower lawsuit

(The Center Square) – A trial date has been...

Shreveport mayor rejects city council’s police station emergency declaration

(The Center Square) — Despite Shreveport city council members...

Illinois quick hits: Judge denies motion; trout season to begin

Judge denies motion to hold concealed carry ruling ...

Airports in Arizona receive new federal funding

(The Center Square) – Seventy-five million dollars in federal...

‘Sanctuary state’ Illinois’ role in Trump’s deportation plan murky

(The Center Square0 – Former President Donald Trump’s plan...

Washington candidates for Secretary of State clash over disinformation, residency

(The Center Square) - It’s unclear how many people...

Trump blasts DOJ for unsealing evidence against him just before the election

Former President Donald Trump blasted the Department of Justice...

More like this
Related

Trial date set in WSDOT gas price whistleblower lawsuit

(The Center Square) – A trial date has been...

Shreveport mayor rejects city council’s police station emergency declaration

(The Center Square) — Despite Shreveport city council members...

Illinois quick hits: Judge denies motion; trout season to begin

Judge denies motion to hold concealed carry ruling ...

Airports in Arizona receive new federal funding

(The Center Square) – Seventy-five million dollars in federal...