US Debt Crosses $40Trillion After Doubling Under Trump, Biden — Sparking New Warnings of Fiscal Crisis
Total US debt has topped $40 trillion for the first time, the Treasury Department said Wednesday, drawing fresh warnings that a fiscal crisis is brewing as ballooning costs for social safety-net programs and interest payments far outstrip revenues held back by tax cuts.
The Treasury’s latest daily cash and debt balances statement showed total public debt outstanding at $40.047 trillion on Tuesday, a total that includes Treasury securities held by the public of $32.266 trillion and intra-governmental debt holdings of $7.782 trillion.
The federal government’s IOU has now more than doubled in less than a decade, from $19.95 trillion when President Trump was sworn in for the first time in January 2017.
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Anonymous
Fiscal insolvency was, ultimately, the undoing of most major empires throughout history. It would be incredibly arrogant to assume the current regime is not bound by the same rules.
Anonymous
This has nothing to do with social safety nets, which are needed and necessary. Trump’s policies: economic, foreign, tax… are to blame.