Anonymous
(ID: 2YKgZ6T2)
8/14/2025, 9:12:26 PM
No.513050740
>>513050852
>>513051077
>>513051801
>>513052716
>>513053472
>>513053703
>>513056451
8/14/2025, 9:12:26 PM
No.513050740
>>513050852
>>513051077
>>513051801
>>513052716
>>513053472
>>513053703
>>513056451
US Debt Hits Record $37 Trillion Years Before Expected. Lower wages and higher prices will result
https://www.newsweek.com/us-government-federal-debt-taxes-budget-economy-2112581
The U.S. government's gross national debt has climbed past $37 trillion, a record-breaking milestone that underscores the rapid growth of America's fiscal obligations and the mounting cost pressures on taxpayers.
The Treasury Department confirmed the figure Tuesday in its latest daily financial report.
In January 2020, the Congressional Budget Office (CBO) estimated that gross federal debt would not surpass $37 trillion until after fiscal year 2030.
Earlier this year, President Donald Trump signed into law a Republican-backed tax cut and spending package that the CBO projects will add $4.1 trillion to the national debt over the next decade.
Wendy Edelberg, a senior fellow at the Brookings Institution, said the legislation ensures "we're going to borrow a lot over the course of 2026, we're going to borrow a lot over the course of 2027, and it's just going to keep going."
Fiscal policy experts warn that the consequences are far-reaching. Michael Peterson, CEO of the Peter G. Peterson Foundation, cautioned that sustained borrowing drives up interest rates, increasing costs for households and businesses while crowding out key federal priorities.
"It creates a damaging cycle of more borrowing, more interest costs, and even more borrowing," Peterson said.
The Government Accountability Office lists several impacts of rising federal debt on everyday Americans: higher mortgage and auto loan rates, reduced business investment leading to lower wages, and costlier goods and services.
Rising U.S. federal debt puts upward pressure on interest rates and, by extension, inflation. Unchecked borrowing risks fueling inflation, especially if the government responds by injecting more money into the economy.
The pace of debt accumulation has also quickened dramatically. The U.S. hit $34 trillion in January 2024, $35 trillion in July, and $36 trillion in November.
The U.S. government's gross national debt has climbed past $37 trillion, a record-breaking milestone that underscores the rapid growth of America's fiscal obligations and the mounting cost pressures on taxpayers.
The Treasury Department confirmed the figure Tuesday in its latest daily financial report.
In January 2020, the Congressional Budget Office (CBO) estimated that gross federal debt would not surpass $37 trillion until after fiscal year 2030.
Earlier this year, President Donald Trump signed into law a Republican-backed tax cut and spending package that the CBO projects will add $4.1 trillion to the national debt over the next decade.
Wendy Edelberg, a senior fellow at the Brookings Institution, said the legislation ensures "we're going to borrow a lot over the course of 2026, we're going to borrow a lot over the course of 2027, and it's just going to keep going."
Fiscal policy experts warn that the consequences are far-reaching. Michael Peterson, CEO of the Peter G. Peterson Foundation, cautioned that sustained borrowing drives up interest rates, increasing costs for households and businesses while crowding out key federal priorities.
"It creates a damaging cycle of more borrowing, more interest costs, and even more borrowing," Peterson said.
The Government Accountability Office lists several impacts of rising federal debt on everyday Americans: higher mortgage and auto loan rates, reduced business investment leading to lower wages, and costlier goods and services.
Rising U.S. federal debt puts upward pressure on interest rates and, by extension, inflation. Unchecked borrowing risks fueling inflation, especially if the government responds by injecting more money into the economy.
The pace of debt accumulation has also quickened dramatically. The U.S. hit $34 trillion in January 2024, $35 trillion in July, and $36 trillion in November.
