On Monday the U.S. national debt hit a new record: $19,012,827,698,418. This is the first time the national debt has ever exceeded $19 trillion. That’s more than $58,000 for each person who lives in the United States today (including children).
The main culprit behind the rising debt is growing federal spending—especially among Social Security, Medicare, Medicaid and Obamacare.
Traditionally, Congress has set a limit for how much debt the United States may take on, known simply as the debt limit. But rather than put a higher limit on the debt, lawmakers and the president have repeatedly suspended the debt limit, most recently in November of last year through March 15, 2017. During a debt limit suspension, the Department of Treasury is authorized to borrow however much is needed to pay all federal obligations that come due. This means there is basically no limit on debt the U.S. may take on.
The House Financial Services Subcommittee on Oversight and Investigations will host a hearing on “Unsustainable Federal Spending and the Debt Limit.” I’ll be among the witnesses, together with my colleagues Dan Mitchell of the Cato Institute and Veronique de Rugy of the Mercatus Center.
http://nationalinterest.org/blog/the-buzz/19000000000000-reasons-america-deep-trouble-15093
The main culprit behind the rising debt is growing federal spending—especially among Social Security, Medicare, Medicaid and Obamacare.
Traditionally, Congress has set a limit for how much debt the United States may take on, known simply as the debt limit. But rather than put a higher limit on the debt, lawmakers and the president have repeatedly suspended the debt limit, most recently in November of last year through March 15, 2017. During a debt limit suspension, the Department of Treasury is authorized to borrow however much is needed to pay all federal obligations that come due. This means there is basically no limit on debt the U.S. may take on.
The House Financial Services Subcommittee on Oversight and Investigations will host a hearing on “Unsustainable Federal Spending and the Debt Limit.” I’ll be among the witnesses, together with my colleagues Dan Mitchell of the Cato Institute and Veronique de Rugy of the Mercatus Center.
http://nationalinterest.org/blog/the-buzz/19000000000000-reasons-america-deep-trouble-15093
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