U.S. national debt exceeds $33 trillion, a historic milestone.
OAN’s Taylor Tinsley
12:58 PM PT – Tuesday, September 19, 2023
On Monday, the U.S national debt reached a historic milestone, hitting $33.04 trillion for the first time ever.
According to the Treasury Department, the federal government allocated 23% of its budget to Social Security, 15% to health, and 13% to National Defense, Medicare, and Income Security in Fiscal Year 2023.
Breaking it down by agency, the top five spenders are the Department of Health and Human Services, the Social Security Administration, Department of Treasury, Department of Defense – Military Programs, and the Department of Veteran Affairs.
For comparison, just four decades ago, the national debt stood at $907 billion, while in Fiscal Year 2022, the federal government spent $6.27 trillion.
The national debt represents the amount of money the U.S. has borrowed from its creditors.
These historic numbers come at a critical time as congressional lawmakers are working to prevent a government shutdown.
The original deadline for a shutdown is set for September 30th, but the House Freedom Caucus reached an agreement for a short-term stopgap over the weekend that would extend the shutdown deadline to the end of October.
When speaking to reporters on Tuesday, Speaker of the House Kevin McCarthy (R-Calif.) said, “I don’t think anybody wins a shutdown. Think for one moment what a shutdown does. It stops paying our troops. How do you have more leverage in that situation?” The House Speaker went on to say, “Look, I don’t know who gets punished in this. I do know that the American public wants to have their border secure. I do know they want to end the runaway spending because it’s hardworking taxpayers’ money that you’re taking.”
Republicans are pushing to reinstate Trump-era initiatives to increase border spending and reduce Ukraine aid funding. However, reaching a compromise with Democrats, who are unwilling to agree on spending cuts, seems unlikely.
During a press conference with the House Budget Committee on Tuesday, Representative Ralph Norman (R-S.C.) stated that Democrats’ solution is higher taxes. He emphasized that the only way to ”reverse the curse” is through implementing cuts.
Norman, who recently attended a House Rules Committee hearing, said, “Not one time was there mention of a cut… the only thing this administration has given us is a treasure of things to cut.”
The White House was quick to blame Republicans for the rise in debt. In a statement to Fox Business, assistant press secretary Michael Kikukawa said, “The increase in debt over the last 20 years was overwhelmingly driven by the trillions spent on Republican tax cuts skewed to the wealthy and big corporations. Congressional Republicans want to double down on trickle-down by extending President Trump’s tax cuts and repealing President Biden’s corporate tax reforms.”
Meanwhile, House Republicans are facing challenges in reaching an agreement on the short-term spending plan. More than a dozen Representatives, including Matt Gaetz (R-Fla.), Cory Mills (R-Fla.), Marjorie Taylor Greene (R-Ga.), and Matt Rosendale (R-Mont.), have voiced their opposition to the stopgap bill.
Speaker McCarthy can only afford to lose four GOP votes if all Democrats oppose.
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What are the top five agencies that account for the majority of government spending, and what roles do these agencies play in ensuring the well-being and security of the American people
The U.S national debt reached a historic milestone on Monday, surpassing $33.04 trillion for the first time ever. This staggering figure highlights the immense financial burden and challenges facing the nation.
According to the Treasury Department, the federal government allocated 23% of its budget to Social Security, 15% to health, and 13% to National Defense, Medicare, and Income Security in Fiscal Year 2023. This breakdown demonstrates the significant amount of funds being directed towards these crucial areas.
When examined by agency, the top five spenders are the Department of Health and Human Services, the Social Security Administration, the Department of Treasury, the Department of Defense – Military Programs, and the Department of Veteran Affairs. These agencies play vital roles in ensuring the well-being and security of the American people.
It is important to put these numbers into context. Merely four decades ago, the national debt stood at a comparably meager $907 billion. In Fiscal Year 2022, the federal government spent a staggering $6.27 trillion, indicating the ever-increasing financial demands faced by the government.
The national debt represents the amount of money that the U.S. has borrowed from its creditors. As the debt continues to grow, it becomes imperative for policymakers to address this issue and find effective solutions to mitigate its negative impact on the country’s economy.
These historic numbers come at a critical time as congressional lawmakers are working tirelessly to prevent a government shutdown. The original deadline for a shutdown is set for September 30th, but the House Freedom Caucus has reached an agreement for a short-term stopgap that would extend the deadline to the end of October.
Speaking to reporters on Tuesday, Speaker of the House Kevin McCarthy emphasized the detrimental consequences of a shutdown, stating that it would stop paying the troops and undermine the country’s leverage in negotiations. He also emphasized the American public’s desire for secure borders and an end to excessive spending, as taxpayers’ hard-earned money is at stake.
The U.S. national debt is a pressing issue that requires immediate attention and strategic planning from policymakers. As politicians work towards finding a resolution to prevent a government shutdown, it is crucial to prioritize fiscal responsibility and ensure the long-term financial stability of the nation.
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