Free Republic

Thank God, no, we aren't going bust as a nation, despite our gargantuan $40 trillion national debt. The rapid pileup of debt under Republicans and Democrats alike is certainly a disgrace and worrisome. When I came to Washington in the mid-1980s, our debt hit $1 trillion for the first time. It seemed like a tidal wave of red ink. Forty years later, we're at $40 trillion. That's a big and scary number. But our national wealth is roughly $180 trillion. So our debt-to-asset ratio, which has been rising, is still less than 25%, and much lower than at the end...

The federal deficit will be $2.1 trillion when fiscal year 2026 ends on Sept. 30, the Congressional Budget Office projected in its monthly budget review.The deficit - the gap between what the government spends and what it collects from taxes and other revenue - has never surpassed $1.8 trillion, except during the Covid-19 pandemic.Key facts: Federal revenues are up 3% in 2026 compared to last year. Even though corporate income tax revenue has declined, income and payroll tax collections increased.But federal spending is up 5%, according to the CBO. Interest on the national debt increased 14% compared to last year....

British Prime Minister Andy Burnham said he and other European leaders plan to travel to the United States in September to lobby US President Donald Trump to let Ukraine access some of its Patriot air defense missile stocks ahead of the winter, Bloomberg News reported on Monday, citing an interview. "I'm looking forward to going to New York in September," Burnham told Bloomberg. "I’ve not fully confirmed the details yet but it’s likely I will go, particularly after today’s discussion," Bloomberg quoted him as saying. Ukraine independence celebrations marked by world leaders in KyivThe leaders of Britain and France pledged...

"Dana Bash speaks with former Vice President Mike Pence about the wars in Ukraine and Iran, the renewed threat of a trade war between the U.S. and Canada, and his reaction to his former CIA briefer - a trans woman - stating that he treated her with "great dignity." ...

The U.S. national debt has surpassed $40 trillion for the first time, marking a historic milestone in a borrowing buildup that has accumulated over generations, through wars, recessions, tax changes and the expansion of major federal benefit programs under presidents of both parties.The Treasury Department reported that total public debt outstanding reached about $40.047 trillion Tuesday, according to The Wall Street Journal and The New York Times. The number is striking, but the more significant measure for economists is debt held by the public — money the federal government owes to investors and other entities outside the federal government. That...

The world is getting more uptight about lending money to President Donald Trump’s government — causing interest rates to climb in ways that are worsening affordability pressures, hampering economic growth and creating a new risk for Republicans in November’s midterm elections. The energy price spike triggered by the Iran war has seeped into the price of bonds that help fund the U.S. government. Interest rates on a 10-year U.S. Treasury note are topping 4.44%, up from 3.95% before the war started at the end of February. Average mortgage rates have climbed to their highest levels in nine months, while auto...

"The conservatives on here denying the affordability crisis are engaged in what I can only describe as an act of political suicide. They're also lying, which is the worst part. Grocery prices are up. Housing. Energy. Insurance. Health care. Basic living expenses. It's real. It's happening. Denying it just makes you look out of touch, deceitful, and untrustworthy. It's also a completely unnecessary and unforced error. No credible person is claiming that Trump caused these price surges. You don't have to disgrace yourself by denying the reality in front of your face just to prove your loyalty to Trump. The...

House Speaker Mike Johnson (R-LA) was asked during a Capitol Hill press conference on Tuesday at what point he will move to use Congressional power to check President Donald Trump’s war in Iran. Johnson pointedly ended his reply by saying “we’ve got to wrap it up” in Iran, which many pundits and political insiders have warned is an additional threat to the GOP keeping its majorities in Congress. Johnson’s answer appeared to be at odds with Trump, who vowed earlier in the day to continue bombing Iran until they come to the negotiating table in good faith. “You repeatedly said...

Last month we highlighted Social Security’s cumulative effect on federal deficits in the next ten years. That often surprises people who think Social Security is “paid for” through payroll taxes.What will surprise them even more: the much larger Medicare effect on federal deficits over the next decade.You might ask yourself: don’t people pay for Medicare with payroll taxes when they work or with monthly premiums when they retire?They do. And payroll taxes do cover almost all of Part A’s expenditures. But it is written into law that three-quarters of Parts B and D are explicitly subsidized by taxpayers. The Medicare...

HUNT VALLEY, Md. (TNND) — Senate Democrats, seething over the Trump administration’s revived war with Iran, blocked a traditionally bipartisan defense funding bill on Tuesday. The Defense Department is seeking more than $1 trillion through a broad package that includes program funding, pay raises and policy directives as the ceasefire with Tehran ends. The administration’s hopes for the historically high request were suppressed on Capitol Hill, where a mostly party-line vote delayed passage of the National Defense Authorization Act, which usually succeeds with ease. Forty-five Democrats voted against the legislation, preventing Republicans from overcoming the 60-vote barrier set for most...

Ninety-five per cent of Americans believe the US is suffering an affordability crisis, as many report trouble with the rising cost of groceries and gas, according to a survey, conducted by Harris Poll. Despite stable employment and record-high stock markets, more Americans believe the overall economy is getting worse (57%) than in February (46%), when the poll was last conducted and before the war in the Middle East sent gas prices soaring. Fewer people today also believe the economy is getting better (16%, compared with 28% in February) and more say their financial security has gotten worse. Even rural Americans,...

The Federal Budget Deficits are large by historical standards. The deficit totals $1.9 trillion in fiscal year 2026 and grows to $3.1 trillion in 2036. Relative to the size of the economy, the deficit is 5.8 percent of gross domestic product (GDP) in 2026 and increases to 6.7 percent in 2036. Deficits averaged 3.8 percent of GDP over the last 50 years (see Chapter 1). Debt held by the public rises from 101 percent of GDP in 2026 to 120 percent in 2036, well above the previous record of 106 percent just after World War II. Outlays are large by...

Initiative allows newborns to be enrolled in new and streamlined processes Baltimore, MD – Today, the Social Security Administration (SSA) announced it is launching processes for parents to enroll newborns in Trump Accounts. This automatic system will help ensure that every newborn has the opportunity to benefit from a Trump Account from the start of life. One year ago, on July 4, 2025, President Donald J. Trump signed into law the Working Families Tax Cuts, which created Trump Accounts, a new type of individual retirement account for eligible minors under the age of 18. "Trump Accounts represent one of the...

The White House on Wednesday officially asked Congress for $87.6 billion in supplemental funding to pay for the Iran war, curtail the ongoing Ebola outbreak and provide aid to U.S. farmers, among other requests, according to a copy obtained by The Hill. In a letter to House Speaker Mike Johnson (R-La.), White House Office of Management and Budget Director Russell Vought asked for $67 billion for the Defense Department, down from an expected $200 billion first floated by Defense Secretary Pete Hegseth in March. But even with a smaller price tag, the bill will need some support from Democrats to...

The Trump administration on Wednesday sent Congress a long-awaited supplemental funding package to help cover the cost of the Iran war. The administration is asking for about $87.6 billion to address "urgent needs" related to the Iran war, as well as other funding to respond to the Ebola outbreak in Central Africa and provide support for American farmers. The request will face an uphill battle and puts vulnerable Republicans in a politically tricky position, since backing it could be seen as support for the unpopular war. It's all but certain to face stiff opposition from Democrats, putting its passage in...

"There is not one nation that came to us and said, 'Please, sir, keep dropping bombs on them [Iran]'; the stupid people say that," President Trump declared last week at the G7 meeting before signing an MOU with the Islamic Republic. "Don't forget, if we were going to drop bombs, let's say we went another month, another two, three months, maybe weeks, it could be another three months. Could be whatever. What do you have left? Maybe nothing... If we keep bombing... you're talking about $500M, $600M, $700M a day. It's a lot of money." Snapshot: This kind of rhetoric...

WASHINGTON (AP) — The Pentagon has told senators it needs roughly $80 billion, mostly to cover the cost of the U.S. war against Iran, adding to what is already a sizable military spending boost being sought by President Donald Trump. The White House Office of Management and Budget has yet to make a formal request to Congress. But Defense Secretary Pete Hegseth has been making the rounds on Capitol Hill, including Monday evening. A top deputy defense secretary told senators about the Iran funding request last week, according to two people familiar with the situation but not authorized to discuss...

Ever gotten so deep in credit card debt that you stopped opening the bills because it felt hopeless and looking at the numbers simply stressed you out? If not, I congratulate you on your thrift and prudence. But a lot of people have reached that point, as you will discover if you spend much time on personal finance forums. If you are someone who pays off your credit card every month, it can be hard to understand why anyone would just stop opening their bills. Sure, it is hard to contemplate your financial problems. But contemplation, however unpleasant, is not...

Records show the price tag for the White House ballroom is rising to $600 million, with half of the costs funded by taxpayer dollars, according to a new report from The Washington Post. The news comes months after President Trump said private donors would pay for the $400 million initiative to construct a new ballroom in place of the East Wing. At the end of March, Trump told reporters “We’re donating a building that’s approximately $400 million.”

EPA Administrator Lee Zeldin and Department of Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. announced on Monday efforts to combat per- and polyfluoroalkyl substances (PFAS) during a roundtable.During the roundtable, the EPA proposed advancing a comprehensive, lifecycle-based strategy to address unsafe levels of PFAS, known as "forever chemicals," in drinking water. As part of the new strategy, RFK Jr. announced nearly $1 billion in new funding to states set to address PFAS in drinking water. "EPA and HHS are addressing PFAS at every stage contamination, exposure to treatment, monitoring and long-term research. Americans want honest science, accountability...