The U.S. federal government has borrowed about $6 billion per day so far this fiscal year with little indication of slowing down.
The U.S. Treasury Department released its figures for the month of March showing it borrowed $236 billion in March alone, bringing the total to $1.1 trillion for this fiscal year, which runs from October to September.
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The Committee for a Responsible Federal Budget (CRFB) a budget watchdog group, found that President Joe Biden’s fiscal year 2025 budget would drive the national debt to $45.1 trillion or 106 percent of the U.S. Gross Domestic Product (GDP) by 2034, from $27.4 trillion or about 97 percent of GDP at the present time.
The organization noted that those calculations are based on the Biden administration’s own internal figures. The current $27.4 trillion debt figure is the debt held by the public, not the total national debt including intragovernmental holdings.
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Senate Minority Leader Mitch McConnell on Wednesday announced plans to step down as GOP conference leader in November, marking an end to his more than 20-year stint in Senate leadership that saw the U.S. accumulate a mountain of debt.
“One of life’s most underappreciated talents is to know when it’s time to move on to life’s next chapter,” he said on the Senate floor. “So I stand before you today … to say that this will be my last term as Republican leader of the Senate. I’m not going anywhere anytime soon. However, I’ll complete my job. My colleagues have given me until we select a new leader in November and they take the helm next January.”
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Almost nobody doubts that the federal government wastes a lot of money. Every day we hear stories of fraud, mismanagement, and misplaced priorities that cost taxpayers millions, and sometimes billions, of dollars.
But just how much money is wasted? In his annual Festivus report—named after the fictional Seinfeld holiday—Senator Rand Paul tallies up some of the most egregious examples of government waste from the year. The report for 2023 came out on December 22, and as usual, the stories spanned the range from hilarious to deeply disconcerting. In all, Paul identified $900 billion in government waste from 2023.
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Americans are worried about the national debt, according to the results of a new poll.
Americans have the national debt crisis as one of their top concerns along with war, inflation and crime. Those polled think the overspending has a direct impact on their personal security and also has an impact on the security of the United States, according to a recent study commissioned by Main Street Economics, a nonprofit group designed to educate Americans on the nation’s debt crisis.
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