{"id":1673151,"date":"2022-10-05T03:21:50","date_gmt":"2022-10-05T07:21:50","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1673151"},"modified":"2022-10-05T03:22:18","modified_gmt":"2022-10-05T07:22:18","slug":"us-debt-tops-31-trillion-for-first-time-ever-on-biden-admin-spending-spree","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-debt-tops-31-trillion-for-first-time-ever-on-biden-admin-spending-spree\/","title":{"rendered":"US Debt Tops $31 Trillion for First Time Ever on Biden Admin Spending Spree"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-debt-tops-31-trillion-for-first-time-ever-on-biden-admin-spending-spree%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1673151&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The\u00a0national <a href=\"https:\/\/www.theepochtimes.com\/t-debt\">debt<\/a>\u00a0of the\u00a0United States has surpassed $31 trillion\u00a0for the first time in history, according to Treasury Department data published on Oct. 4.<\/p>\n<p>Data showed that the total national debt was <a href=\"https:\/\/fsapps.fiscal.treasury.gov\/dts\/files\/22100300.pdf\">$31.123<\/a> trillion as of Oct. 3, after passing the $30 trillion mark just nine months ago in\u00a0<a title=\"https:\/\/fsapps.fiscal.treasury.gov\/dts\/files\/22013100.pdf\" href=\"https:\/\/fsapps.fiscal.treasury.gov\/dts\/files\/22013100.pdf\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">late January.<\/a><\/p>\n<p>President Joe Biden and Congress increased government borrowing amid the COVID-19 pandemic in order to prop up the economy amid job losses and chronic supply chain disruptions, while further borrowing was undertaken to help stimulate the economy coming out of lockdown.<\/p>\n<p>Prior to the pandemic, at the end of 2019,\u00a0the national debt stood at <a href=\"https:\/\/www.voanews.com\/a\/us-national-debt-tops-30-trillion-for-first-time-in-history-\/6424498.html\">$22.7 trillion.<\/a> Just a year later, it had risen to\u00a0$27.7 trillion and has continued to add gains since.<\/p>\n<p>However, the Committee for a Responsible Federal Budget (CRFB) noted in a <a href=\"https:\/\/www.crfb.org\/press-releases\/us-gross-debt-tops-31-trillion\">statemen<\/a>t on Oct. 3 that the United States has now overcome the most\u00a0severe challenges of the pandemic but that the Biden administration continues to borrow huge amounts of money.<\/p>\n<p>\u201cThis is a new record no one should be proud of,\u201d Maya MacGuineas, president of the CRFB, said in a statement. \u201cIn the past 18 months, we\u2019ve witnessed <a href=\"https:\/\/www.theepochtimes.com\/t-inflation\">inflation<\/a> rise to a 40-year high, interest rates climbing in part to combat this inflation, and several budget-busting pieces of legislation and executive actions.\u201d<\/p>\n<p>\u201cJust in 2022, Congress and the President have approved a combined $1.9 trillion in new borrowing, and President Biden has approved $4.9 trillion in new deficits since taking office. We are addicted to debt,\u201d\u00a0MacGuineas said.<\/p>\n<p>Inflation reached 8.3 percent year-over-year in the United States in August, prompting the\u00a0Federal Reserve to continue with its aggressive interest rate hikes in order to bring the cost of living down. The Central bank rolled out another\u00a075 basis-point rate hike on Sept. 21.<\/p>\n<p> \u2018Should Commit to No Further Borrowing In 2022\u2019 <\/p>\n<p>However, such<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The\u00a0national debt\u00a0of the\u00a0United States has surpassed $31 trillion\u00a0for the first time in history, according to Treasury Department data published on Oct. 4. Data showed that the total national debt was $31.123 trillion as of Oct. 3, after passing the $30 trillion mark just nine months ago in\u00a0late January. President Joe Biden and Congress increased government [\u2026]<\/p>\n","protected":false},"author":69,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1673151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1673151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/69"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1673151"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1673151\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1673151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1673151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1673151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}