(VitalNews.org) – With another shutdown looming and at a time when government spending is under intense scrutiny, for the first time in history on Monday, the US national debt has exceeded $33 million.
The national debt is the amount that the nation owes its creditors, and as of this week, the debt has passed $33 trillion. The new data was published on Monday by the Department of Treasury. Forty years ago, the national debt was only $907 – now after decades of borrowing and creating more inflation in the process, that number is over 33 times greater.
The president of the non-profit Committee for a Responsible Federal Budget (CRFB), Maya McGuineas, said the surpassing of $33 trillion in debt is “a new milestone… no one will be proud of.” McGuineas also noted that the debt held by the public also passed $26 trillion and that Americans “are becoming numb to these huge numbers,” which “doesn’t make them any less dangerous.”
Meanwhile, the news arrives as Congress scrambles to avoid another government shutdown, which could happen at the end of the month if a budget isn’t figured out.
A short-term plan was revealed on Sunday that would fund the government temporarily, but only up until Halloween. The measure would cut federal spending by 8%, including disaster relief, funds for veterans, and defense. The House Freedom Caucus and Main Street Caucus both sponsored the measure, but also ran into Republican opposition.
Over the next 30 years, the US national debt is projected to triple, according to the Congressional Budget Office. I grew by 97% in 2022 and is expected to spike to an 181% increase by the end of 2053. This number is so astronomical it’s hard to believe, and it’s likely a collapse would occur before then.
As interest rates spiked over the last year, servicing the debt is becoming more expensive. At some point, something’s got to give.
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