The federal government borrowed $1.9 trillion in the first eleven months of fiscal year 2024, including $380 billion in August, a startling amount as federal watchdogs sound the alarm on spending.
"The federal debt level is growing at a rate that could threaten the vitality of our nation’s economy and the safety and well-being of the American people.
"The federal government faces an unsustainable long-term fiscal path," according to the U.S Government Accountability Office report.
Those borrowing figures come from the the latest Monthly Treasury Statement from the Treasury Department.
She said the candidates need to come up with a plan.
"Yet the debate earlier this week was another opportunity for fiscal clarity that fell flat – instead, we heard far more about what the candidates propose for new spending and tax cuts than we heard about how they will pay for them."
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said that is roughly $6 billion borrowed per day this fiscal year "America faces steep fiscal challenges in the very near future – next year alone, we’ll need to confront the multi-trillion dollar question of extending the 2017 tax cuts, we’ll need to raise the debt ceiling, and we’ll need to address the expiration of discretionary spending caps," she said.
https://www.thecentersquare.com/national/article_0f1e568c-713d-11ef-8025-c3f16b8dec09.html
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