On Friday, the gross national debt surpassed $32 trillion for the first time in American history. According to the Congressional Budget Office, the US would have a $1.4 trillion deficit in fiscal year 2023, increasing the level of the national debt.
The national debt is presently $32.03 trillion, based on the most recent statistics from the U.S. Treasury.
The fact that we hit $31 trillion in October, according to Maya MacGuineas, head of the Committee for a Responsible Federal Budget, is the "only thing more disheartening" than the $32 trillion national debt.
We can no longer even complete a fiscal year without accumulating a trillion dollars in debt, and $33 trillion is probably not far behind. As long as we persist on avoiding the difficult decisions of governance, our debt addiction leaves the next generation with a debt load that only gets worse, she added. "If we're ever going to get ourselves out of this problem, we need to revert to reasonable fiscal policy."
She stated that there should be a straightforward formula for budgetary responsibility.
"No additional borrowing," she said, "means completely offsetting all new spending or tax cuts. Better still, delay them until our debt is under control; address the causes of our runaway debt; and fix our dysfunctional budget process." It's time for our legislators to go to work before it's too late since it's not very complicated.
The national debt is presently $32.03 trillion, based on the most recent statistics from the U.S. Treasury.
The fact that we hit $31 trillion in October, according to Maya MacGuineas, head of the Committee for a Responsible Federal Budget, is the "only thing more disheartening" than the $32 trillion national debt.
We can no longer even complete a fiscal year without accumulating a trillion dollars in debt, and $33 trillion is probably not far behind. As long as we persist on avoiding the difficult decisions of governance, our debt addiction leaves the next generation with a debt load that only gets worse, she added. "If we're ever going to get ourselves out of this problem, we need to revert to reasonable fiscal policy."
She stated that there should be a straightforward formula for budgetary responsibility.
"No additional borrowing," she said, "means completely offsetting all new spending or tax cuts. Better still, delay them until our debt is under control; address the causes of our runaway debt; and fix our dysfunctional budget process." It's time for our legislators to go to work before it's too late since it's not very complicated.
