Government spending is identified as the cause.
The Treasury Department reported America’s gross national debt has eclipsed $31 trillion for the first time, a financial milestone arriving just as the long-term fiscal picture of the nation has worsened amid rising interest rates. The debt was $27.7 trillion when President Biden took office.
Government expenditures on interest could exceed the $8.1 trillion in debt costs that the Congressional Budget Office projected in May. That debt maintenance could be more than the U.S. spends on national defense by 2029, particularly if the Federal Reserve adds just one percentage point more over the next few years.
The Committee for a Responsible Federal Budget estimates that the administration’s policies have added nearly $5 trillion to deficits since President Biden took office. That projection includes the $1.9 trillion economic stimulus bill, a variety of new spending initiatives approved by Congress, and the proposed student loan forgiveness plan that is expected to cost taxpayers nearly $400 billion over 30 years.
As the Lord Leads, Pray with Us…
- For the president and his administration to adopt sound fiscal practices.
- For members of Congress to focus on a budget that balances and starts to bring the government’s spending in line.
- For Director Philip Swagel as he oversees the Congressional Budget Office.
Sources: Forbes, New York Times, Just The News
