The United States is currently borrowing an average of $5 billion daily, as the federal government's fiscal health deteriorates. According to a recent announcement by the Congressional Budget Office (CBO), the budget deficit has reached $1.5 trillion for the initial ten months of fiscal year 2024, spanning from October to July.
This figure represents a $103 billion reduction compared to the deficit of the same period in the previous fiscal year. However, projections indicate that by the end of FY 2024, the deficit could escalate to $2 trillion, marking an increase from FY 2023's $1.7 trillion shortfall. The CBO attributes these variations partly to "timing shifts" in budgeting processes.
Amidst this backdrop, Maya MacGuineas, president of the Committee for a Responsible Federal Budget, has voiced concerns over America's escalating debt crisis. With gross debt surpassing $35 trillion and July's borrowing estimated at $242 billion or $5 billion daily, there's an urgent call for fiscal responsibility. "Our fiscal trajectory cannot be left on autopilot," MacGuineas warned, emphasizing the dire consequences of allowing national debt to soar unchecked.
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Echoing this sentiment is the Peter G. Peterson Foundation, named after Nixon-era Secretary of Commerce Peter Peterson. The foundation highlights that America’s current debt levels have hit around $35.08 trillion or $104,193 per citizen as of early August. It points towards structural issues like an aging population, rising healthcare costs, and insufficient tax revenue as primary drivers behind today's deficits—contrasting with past deficits spurred by national emergencies or wars.
Further amplifying concerns about America’s financial future is Truth in Accounting’s analysis which suggests that when accounting for unfunded Social Security and Medicare promises, the actual national debt could be nearing a staggering $156.8 trillion. This stark figure underscores a pressing need for comprehensive reforms to address both immediate and long-term fiscal challenges facing the nation.
This figure represents a $103 billion reduction compared to the deficit of the same period in the previous fiscal year. However, projections indicate that by the end of FY 2024, the deficit could escalate to $2 trillion, marking an increase from FY 2023's $1.7 trillion shortfall. The CBO attributes these variations partly to "timing shifts" in budgeting processes.
Amidst this backdrop, Maya MacGuineas, president of the Committee for a Responsible Federal Budget, has voiced concerns over America's escalating debt crisis. With gross debt surpassing $35 trillion and July's borrowing estimated at $242 billion or $5 billion daily, there's an urgent call for fiscal responsibility. "Our fiscal trajectory cannot be left on autopilot," MacGuineas warned, emphasizing the dire consequences of allowing national debt to soar unchecked.
Get the latest, most crucial news stories on the web – sent straight to your inbox for FREE as soon as they hit! Sign up for WayneDupree.com Email News Alerts in just 30 seconds!
Echoing this sentiment is the Peter G. Peterson Foundation, named after Nixon-era Secretary of Commerce Peter Peterson. The foundation highlights that America’s current debt levels have hit around $35.08 trillion or $104,193 per citizen as of early August. It points towards structural issues like an aging population, rising healthcare costs, and insufficient tax revenue as primary drivers behind today's deficits—contrasting with past deficits spurred by national emergencies or wars.
Further amplifying concerns about America’s financial future is Truth in Accounting’s analysis which suggests that when accounting for unfunded Social Security and Medicare promises, the actual national debt could be nearing a staggering $156.8 trillion. This stark figure underscores a pressing need for comprehensive reforms to address both immediate and long-term fiscal challenges facing the nation.
