Posted on 01/03/2024 1:21:12 PM PST by SeekAndFind
WASHINGTON -- The federal government's gross national debt has surpassed $34 trillion, a record high that foreshadows the coming political and economic challenges to improve America's balance sheet in the coming years.
The U.S. Treasury Department issued a report Tuesday logging U.S. finances, which have become a source of tension in a politically divided Washington that could possibly see parts of the government shutdown without an annual budget in place.
Republican lawmakers and the White House agreed last June to temporarily lift the nation's debt limit, staving off the risk of what would be a historic default. That agreement lasts until January 2025. Here are some answers to questions about the new record national debt.
The national debt eclipsed $34 trillion several years sooner than pre-pandemic projections. The Congressional Budget Office’s January 2020 projections had gross federal debt eclipsing $34 trillion in fiscal year 2029.
But the debt grew faster than expected because of a multi-year pandemic starting in 2020 that shut down much of the U.S. economy. The government borrowed heavily under then President Donald Trump and current President Joe Biden to stabilize the economy and support a recovery. But the rebound came with a surge of inflation that pushed up interest rates and made it more expensive for the government to service its debts.
(Excerpt) Read more at abcnews.go.com ...
No more funding bills that do not include closing the border and finishing the fence.
*President must submit a balanced budget to Congress annually.
Clowns will NEVER pass it.
“””Republican lawmakers and the White House agreed last June to temporarily lift the nation’s debt limit””””
Of course, it is just a coincidence that Kevin McCarthy’s last day in office was Dec 31. The national debt was $31.4 trillion when McCarthy agreed to lift the debt limit in June.
Thanks Kevin for your service!!!!!
I remember remarking a very long time ago that it looked like “billion” was becoming the new “million” when discussing debt. And I wondered when they would start talking about trillions. In fact, the female character in Hitchhiker’s guide was nicknammed “Trillion” and few connected it to the monetary term. It was just not what people thought about.
About a year ago I asked, When will we start talking about quadrillions? I think we’re getting there.
In fact, we’re threre: https://thehill.com/regulation/court-battles/4343423-quadrillion-dollar-tax-case-supreme-court-justices-narrow-resolution/
All this is is a passing of a convenient milestone.
That’s around 130% of the GDP.
That’s absolutely insane.
We couldn’t get a mortgage. That’s up there with Italy, Bhtan, Barbados, Greece.
Germany is 65% to compare.
Mexico is 50%
Come on, people. Can we make it to $100 trillion?!? Darned right we can! Congress is on it.
Worried about the national debt limit? All they have to do is declare a new limit. Problem solved.
The country is already in default. Raise your hand if you think we can payoff $34 trillion. There’s no pint to arguing just raise the debt ceiling. Its all digital play money until we flip over to the QFS. There hasn’t been any paper currency except for a few $1’s and $5’s put into circulation since 2017.
Congress gears up for funding fight wants to add to it.
FYI there is no current debt ceiling. It was suspended late last year. At a level of $31.4T. This suspension is why $34T has been reached.
The suspension ends 1 Jan 2025
Zimbabwe did!!
37,708,059 china 33,096,957 india 9,108,045 usa 7,906,981 germany 4,253,233 turkey 2,359,720 vietnam 2,192,934 russia 2,060,476 united arab republic 2,012,028 saudi arabia 1,954,791 switzerland 1,943,271 thailand 1,901,028 indonesia 1,476,304 egypt 1,243,039 britain 1,167,503 south korea 977,339 hong kong 743,562 france 717,084 japan 625,655 italy 414,326 taiwan 113,862,335 total GOLD demand ounces
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