The U.S. federal debt has hit a historic milestone.
According to a Fox Business report, the U.S. national debt has hit 34 trillion dollars for the first time in history; just four decades ago, it was around $907 billion.
“We are beginning a new year, but our national debt remains on the same damaging and unsustainable path,” said Michael Peterson, CEO of the Peter G. Peterson Foundation, which advocates for fiscal sustainability.
From Fox Business:
The national debt is expected to nearly double in size over the next three decades, according to the latest findings from the Congressional Budget Office. At the end of 2022, the national debt grew to about 97% of gross domestic product.
Under current law, that figure is expected to skyrocket to 181% at the end of 2053 – a debt burden that will far exceed any previous level.
“Though our level of debt is dangerous for both our economy and for national security, America just cannot stop borrowing,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.
The White House was quick to blame Republicans on Tuesday evening for the astronomical rise in the federal debt.
“This is the trickle-down debt — driven overwhelmingly by repeated Republican giveaways skewed to big corporations and the wealthy,” Michael Kikukawa, White House assistant press secretary, said in a statement provided to FOX Business.
More over at Fox Business:
For $34 trillion in debt, we ought to have streets paved with gold.
Instead, we have an open border, a crime crisis in our cities, failing schools, and a military that is losing sight of its mission.
We’re flat broke with too little to show for it.https://t.co/8eANRkTNMr
— Coach Tommy Tuberville (@SenTuberville) January 3, 2024
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