by Nicholas Ballasy
The gross national debt reached $32 trillion for first time in U.S. history on Friday.
The Congressional Budget Office estimates that the nation’s deficit for fiscal year 2023 will be $1.4 trillion, driving the national debt even higher.
According to the latest U.S. Treasury data, the national debt is currently $32.03 trillion.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said that the “only thing more disheartening” than the $32 trillion national debt is the “fact we reached $31 trillion last October.”
“We can’t even get through a single fiscal year anymore without adding a trillion dollars in debt, and $33 trillion is likely just around the corner. Our debt addiction saddles the next generation with a debt burden that only grows larger so long as we insist on ducking the hard choices of governing,” she said. “We need a return to responsible fiscal policy if we’re ever going to get ourselves out of this mess.”
She argued that the formula for fiscal responsibility should be simple.
“No new borrowing – meaning fully offset all new spending or tax cuts – and better yet, hold off on them until our debt is under control; address the drivers of our runaway debt; and reform our broken budget process,” she said. “It’s not rocket science – it’s pretty darn straightforward, and it’s time for our politicians to get to work before it’s too late.”
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Nicholas Ballasy has been breaking news for more than a decade in the nation’s capital and questioning political leaders about the most pressing issues facing the nation.
Photo “U.S. Capitol” by Sandy Torchon.
If/when the Chinese convince enough of the world market places that settlement in currency other than the USD is viable, we will really be in a world of hurt. The FED will no longer be able to create currency supply to then use it to purchase debt from itself and our house of financial cards will collapse.