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12-07-2023, 09:14 AM
By Peter Kasperowicz | Fox News
The U.S. national debt has increased by US$1 trillion in the five weeks since President Biden signed a bill into law that effectively turns off the debt ceiling until 2025.
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he total national debt stood at us$32.47 trillion on July 6, us$1 trillion more than the us$31.47 trillion level last seen on June 2.
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The national debt has increased US$4.7 trillion since Biden took office in January 2021, and is expected to keep rising in the face of annual budget shortfalls of at least US$1 trillion per year. So far in fiscal year 2023, the government has spent US$1.16 trillion more than it has collected and the Biden administration is predicting a US$1.5 trillion budget deficit when the fiscal year ends in September.
Biden has continued to boast that he has shrunk the budget deficit.
......
But many mainstream news outlets have discounted that bragging point because the lower deficit mostly reflects the end of emergency spending related to COVID-19 and increased tax revenue that reflects the post-COVID economic recovery. When COVID hit in 2020, federal spending exploded by US$2 trillion – the government spent a total of US$6.5 trillion that year instead of the US$4.4 trillion it spent a year earlier, and the budget deficit exceeded US$3 trillion.
Even though the COVID emergency has ended, federal spending has remained high. It is estimated to spent US$6.3 trillion in the current fiscal year,
......
federal spending is not expected to dip below US$6 trillion again. Treasury Department projections expect that the government will spend more than US$7 trillion by 2025 and will exceed $8 trillion in spending by 2028, accompanied by more borrowing that is fast approaching US$2 trillion per year.
https://www.foxnews.com/politics/nationa...iling-deal
The U.S. national debt has increased by US$1 trillion in the five weeks since President Biden signed a bill into law that effectively turns off the debt ceiling until 2025.
......
he total national debt stood at us$32.47 trillion on July 6, us$1 trillion more than the us$31.47 trillion level last seen on June 2.
......
The national debt has increased US$4.7 trillion since Biden took office in January 2021, and is expected to keep rising in the face of annual budget shortfalls of at least US$1 trillion per year. So far in fiscal year 2023, the government has spent US$1.16 trillion more than it has collected and the Biden administration is predicting a US$1.5 trillion budget deficit when the fiscal year ends in September.
Biden has continued to boast that he has shrunk the budget deficit.
......
But many mainstream news outlets have discounted that bragging point because the lower deficit mostly reflects the end of emergency spending related to COVID-19 and increased tax revenue that reflects the post-COVID economic recovery. When COVID hit in 2020, federal spending exploded by US$2 trillion – the government spent a total of US$6.5 trillion that year instead of the US$4.4 trillion it spent a year earlier, and the budget deficit exceeded US$3 trillion.
Even though the COVID emergency has ended, federal spending has remained high. It is estimated to spent US$6.3 trillion in the current fiscal year,
......
federal spending is not expected to dip below US$6 trillion again. Treasury Department projections expect that the government will spend more than US$7 trillion by 2025 and will exceed $8 trillion in spending by 2028, accompanied by more borrowing that is fast approaching US$2 trillion per year.
https://www.foxnews.com/politics/nationa...iling-deal
