U.S. National Debt Surpasses Critical Milestone
The Treasury Department has relayed that the U.S. national debt hit a record high of $33.04 trillion earlier this week. This news comes with the potential government shutdown less than two weeks away, as reported by BoroPark24 here.
The Department attributes the debt to an approximate 50% increase in federal spending between fiscal 2019 and 2021. Those years were greatly impacted by the pandemic and unemployment, which led to stimulus programs, tax cuts, and reduced tax revenue.
The country has added $1 trillion to the national debt in just the last three months.
"The Congressional Budget Office confirmed just last week that the underlying deficit is going to roughly double from last fiscal year to this one," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. "Instead of hearing about solutions, we hear promises of which programs our leaders are unwilling to touch and which taxes they are unwilling to raise. That kind of talk is not only pandering, but it's also downright irresponsible when we have a mess like this on our hands."
"The U.S. national debt has exceeded $33 trillion for the first time in history," Senator Marsha Blackburn of Tennessee wrote on social media. "Biden's reckless spending has created an economic crisis."