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US national debt to surge to record levels without reform, raising prospect of debt crisis
Fox business ^ | 07/07/2024 | Eric Revell

Posted on 07/07/2024 10:54:16 AM PDT by ChicagoConservative27

As Americans' political focus turns towards this fall's elections, the winner of the presidential race will be confronted with a national debt that's on pace to reach a record-setting level in the next four years, as well as looming deadlines that may force their hand on fiscal policy.

A recent update to the federal government's long-term budget outlook by the nonpartisan Congressional Budget Office (CBO) found that budget deficits are projected to widen from about $1.9 trillion this year to more than $2 trillion annually starting in 2030, before nearing $2.9 trillion in 2034. In that period, the debt held by the public will rise from more than $28 trillion this year to over $50 trillion in 2034.

(Excerpt) Read more at foxbusiness.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: debt; national; reform; surge
Correct me if I'm wrong but I don't think a majority of the general public cares about the national debt until their goodies from the feds run out. EBT card no longer works.
1 posted on 07/07/2024 10:54:16 AM PDT by ChicagoConservative27
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To: ChicagoConservative27

“prospect of debt crisis”

$34 trillion and an additional trillion every 100 days is just a “prospect” of a crisis?


2 posted on 07/07/2024 10:58:09 AM PDT by hardspunned (Former DC GOP globalist stooge)
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To: ChicagoConservative27
The Republicans have been voting for those massive annual continuing resolutions.

Of course the Dems want to spend into oblivion. That the Republicans also want to, well, that seals our fate.

3 posted on 07/07/2024 11:06:56 AM PDT by ConservativeMind (Trump: Befuddling Democrats, Republicans, and the Media for the benefit of the US and all mankind.)
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To: ChicagoConservative27

Correct me if I’m wrong but I don’t think a majority of the general public cares about the national debt until their goodies from the feds run out. EBT card no longer works.


Correct, nothing changes till the cashflow stops.


4 posted on 07/07/2024 11:54:54 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: All

Items: As of November the debt will be $36T. But the article carefully calls $28T the debt held-by-the-public. Who got the other $8T?

The Fed, of course. The money to buy those bonds was created from nothingness, and they refund all interest payments back to the Treasury. So maybe it’s not real debt? Maybe this means the Fed can fix any shortfall from nothingness?

Interest on the $28T is 5% on the short maturity end and 3.5% on the longer end. But the problem is a lot of debt, that matures each month, was borrowed when rates were 0%. So what is happening is that debt maturing is replace by new debt, at the current rates. Call it 4% (and growing as time passes and bonds are replaced) and that is on $28T or $1.12 Trillion . . . IN INTEREST.

But . . . it all was just created from nothingness. It doesn’t have to mean anything.

There is some preliminary evidence that the shale fields are rolling over. When we have to buy more oil elsewhere than we do now, you can understand how there will be reluctance to sell that to us for something created from nothingness.

Russia is the wrong enemy to have.


5 posted on 07/07/2024 12:03:26 PM PDT by Owen
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To: Owen

Great post. We are our own worst enemy. when our ambitions are focused outward then we get to experience inward political and economic and cultural catastrophe.


6 posted on 07/07/2024 1:14:01 PM PDT by ARW
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To: ChicagoConservative27
Isn't every day a new “Record Setting” day for the national Debt?

Pretty stupid headline.

Before even considering tackling the Debt, the Annual Deficit needs to be dealt with.

But far more important then those two issues is a return to the freedoms we use to enjoy and a “roping in” of unnecessary and out of control federal agencies.

7 posted on 07/07/2024 1:30:05 PM PDT by CapnJack ( )
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To: hardspunned

Not a problem. They can just raise taxes on the thousand trillionaires JoeTato said we have.


8 posted on 07/07/2024 1:41:23 PM PDT by moovova ("The NEXT ELECTION is the most important election of our lifetimes!“ LOL...)
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To: ChicagoConservative27

When the slops in the trough the hogs come to feed when there’s no slop there’s no hog


9 posted on 07/07/2024 2:29:08 PM PDT by Herakles (Diversity is applied Marxism )
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To: ChicagoConservative27

the Rothchilds love all those 100s of billions/trillions of free money they make on the US debt. Per News Max, the US is now paying $1 trillion in interest on the US debt every 90 days.


10 posted on 07/07/2024 2:41:20 PM PDT by drypowder
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