The United States gross national debt just exceeded $33 trillion on Friday, September 15, three months after the federal government's debt eclipsed $32 trillion in June.
The budget deficit is on track to reach $2 trillion in the current fiscal year.
President Joe Biden has repeatedly asserted that he already slashed the budget deficit by $1.7 trillion.
The government spending may be less than during the pandemic which was around $8.9 trillion but it is 33 percent higher than the pre-crisis level of $4.88 trillion.
Last month, Fitch Ratings, one of the "Big Three credit rating agencies," downgraded U.S. government debt to AA+ from AAA, with analysts sounding the alarm over "The expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance."
Even with Biden and House Speaker Kevin McCarthy's Fiscal Responsibility Act, the debt ceiling plan will only skim about $188 billion in interest in the public debt over the next decade.
By 2033, the federal government expects to have accumulated more than $17 trillion in deficits and paid about $3 trillion in interest payments, according to the White House's 2024 budget proposal.
https://www.naturalnews.com/2023-09-22-debt-bomb-explodes-33t-budget-deficit-reaches-2t.html
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