At the end of December 2023, U.S. government debt topped $34 trillion and it will add another $1 trillion dollars to that total by the end of March 2024. The national debt includes all previous years of deficit spending funded by borrowing. While the amount is staggering and will continue to grow, the nation cannot quit borrowing given the current funding mandates.
Tag: budget
US Deficit Widens by $85 Billion in December (Macro News for January 14, 2023 – January 20, 2023)
The 2022 U.S. government calendar year deficit was $1.42 trillion. December's deficit was $85 billion and fiscal year 2023, which began in October, has already posted a $421.41 billion deficit in the first quarter. The December 2022 deficit was almost four times bigger than the $21.3 billion deficit posted the previous December.
America’s National Debt Surpasses $30 Trillion for the First Time (Macro News for February 5, 2022 – February 11, 2022)
The United States' national debt just topped $30 trillion according to the Treasury Department. Government borrowing grew by more than $7 trillion since the end of 2019 as spending exploded due to the Covid-19 pandemic. The amounts are staggering, but economists disagree on whether the high debt level is problematic. However, with interest rates moving higher, it will begin costing even more money to service the debt.
Senate Democrats Approve $3.5 Trillion Budget Resolution in Key Step Toward Passing Major Economic Package Without GOP Votes (Macro News for August 7, 2021 – August 13, 2021)
Democrats in the U.S. Senate passed a $3.5 trillion budget resolution to finance their massive spending plans for investing in “families, climate, health care, and infrastructure and jobs.” The resolution contains several tax increases designed to finance the ambitious spending. Passing the resolution is simply the first step in getting the legislation drafted, passed, and eventually adopted.
Pearson Economic News 