{"id":2036638,"date":"2023-09-18T22:32:02","date_gmt":"2023-09-19T02:32:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-national-debt-surpasses-33t-for-first-time-in-history\/"},"modified":"2023-09-18T22:36:31","modified_gmt":"2023-09-19T02:36:31","slug":"us-national-debt-surpasses-33t-for-first-time-in-history","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-national-debt-surpasses-33t-for-first-time-in-history\/","title":{"rendered":"US national debt exceeds $33T, a historic milestone."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/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-national-debt-surpasses-33t-for-first-time-in-history%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=2036638&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--><h2>America&#8217;s National Debt Surpasses $33 Trillion, Raising Concerns of a Looming Crisis<\/h2>\n<p>The United States \u200breached a historic milestone on Monday\u2062 as its gross national debt exceeded $33\u2062 trillion for the first \u2063time ever. This alarming figure comes at a time when Washington, D.C. \u2062is grappling with the possibility of a government shutdown due \u200cto excessive federal spending.<\/p>\n<p>Data released by the\u200c Treasury Department revealed\u2063 that the national \u200cdebt, which measures the amount\u200c owed\u200c by the federal government to security holders,\u200c now stands at $33.04 trillion. Just a few months ago,\u2064 in mid-June, it \u2064had surpassed the $32 trillion mark.<\/p>\n<p>Maya MacGuineas, president of the Committee for a Responsible\u200b Federal Budget, expressed her \u2064concern\u2063 in \u200da\u200b news\u2063 release, stating that these\u200d latest numbers represent\u200b a new milestone that no one should be proud of. She emphasized that the debt held by the public has also \u2063exceeded $26 trillion, cautioning that we must not become desensitized\u2063 to these astronomical\u2062 figures as they pose significant dangers.<\/p>\n<h3>A\u2064 Looming Crisis\u2062 and Warnings from Experts<\/h3>\n<p>MacGuineas highlighted that \u200cthe Congressional Budget Office recently\u200c confirmed that the underlying \u2062deficit is expected to\u200b double from the previous\u2062 fiscal year to the current one. \u2064Additionally, the \u200boffice had previously warned in June that the combination of high \u200binterest \u2064rates and escalating national debt\u200d could lead to net\u2063 interest\u2064 payments reaching 6.7% of GDP by\u2063 2053, as reported by Fortune.<\/p>\n<p>Instead \u200dof\u2064 focusing on solutions, \u200cMacGuineas \u2062criticized the tendency\u2063 of leaders to make empty\u200c promises about which programs they refuse\u2062 to \u2062touch and which taxes they won&#8217;t raise. She deemed this kind of talk not\u200b only pandering but \u200balso highly irresponsible given the dire situation at hand.<\/p>\n<p>The \u2064announcement coincides \u200dwith House Republicans proposing a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/manchin-pushes-further-cuts-transparency-to-build-back-better-bill-citing-inflation-cbo-score\/\" title=\"Manchin Pushes Further Cuts, Transparency To \u2018Build Back Better\u2019 Bill, Citing Inflation, CBO Score\">short-term plan<\/a> to fund the government until October 31, aiming to avoid a shutdown. The plan includes an \u200b8% spending cut \u2062on federal agencies, excluding defense\u2064 funding, \u2062veterans affairs, and disaster relief, according \u2062to\u200b Fox Business. However, the proposal faces \u200dopposition from fellow GOP lawmakers, and Democrats are unlikely to support it.<\/p>\n<p>Michael A. \u200dPeterson, CEO of the \u200bbudget watchdog group\u200c Peter G. Peterson Foundation, sounded\u2063 the alarm about an impending\u200d federal crisis. He warned that the\u200d cost of debt can\u200b rapidly \u200cescalate, as evidenced by recent\u2062 inflation and interest rate growth. Peterson stressed that the compounding fiscal cycle, which will result in over $10 trillion in interest \u200dcosts over the \u2063next decade, will inflict severe damage on future generations.<\/p>\n<p>Mark Spitznagel, founder \u200dof the \u200bhedge fund Universa Investments, echoed Peterson&#8217;s concerns, describing the \u2062current situation as the\u2062 &#8220;greatest credit bubble in human history.&#8221; He emphasized that the \u2063unprecedented levels of debt and leverage in the system \u200dare unprecedented and that credit bubbles inevitably burst, although the\u200d timing remains uncertain.<\/p>\n<h3>Officials&#8217; Response and the Need for Fiscal Responsibility<\/h3>\n<p>U.S. \u2062Treasury Secretary Janet Yellen sought to downplay concerns about the staggering debt, assuring CNBC that the net interest as a share of GDP remains\u200b under control. She acknowledged the importance\u200c of cautious spending moving forward to maintain a sustainable course.<\/p>\n<p>Yellen stated that greater\u2062 deficit reduction is possible and highlighted President\u200c Joe\u2063 Biden&#8217;s proposed measures to reduce \u2064deficits while investing in\u2064 the economy. \u200bIn June, Biden signed the Fiscal Responsibility\u2062 Act, suspending the debt limit until January 2025 \u2064and implementing spending restraints estimated\u2063 to reduce budget \u200bdeficits by $1.5 trillion \u2063over the next decade.<\/p>\n<p> <\/p>\n<h2> \u200c What immediate action \u200cand bipartisan efforts are needed\u2063 to address\u2064 the root causes of the national debt crisis and restore\u2063 fiscal\u2064 sanity<\/h2>\n<p><span>  America&#8217;s\u2064 National Debt Surpasses $33 Trillion, Raising Concerns\u200d of a \u2062Looming Crisis<\/p>\n<p>The United States \u2064reached a historic milestone on \u200bMonday as its gross national\u200d debt exceeded $33 trillion for\u200b the first time ever. This \u200dalarming\u2064 figure comes at a time when \u2064Washington, D.C. is grappling \u200dwith the possibility of a government shutdown\u2063 due to excessive federal spending.<\/p>\n<p>Data released by the Treasury Department revealed that the\u200c national debt, which measures the amount owed by the federal government to security holders, now\u200b stands at\u2064 $33.04 trillion. Just a \u200bfew\u2063 months ago, in \u2064mid-June, it had surpassed the $32 \u2064trillion\u2064 mark.<\/p>\n<p>Maya MacGuineas, president of the Committee\u200d for a Responsible Federal Budget, expressed her concern in a news release,\u2064 stating that these latest numbers represent a new milestone that\u200b no one should be proud of. She emphasized \u2062that the debt held by\u2062 the public has also exceeded $26 trillion, cautioning that we must\u2064 not \u200bbecome desensitized to these astronomical figures as they pose significant dangers.<\/p>\n<p>A \u200dLooming Crisis and Warnings from Experts<\/p>\n<p>MacGuineas highlighted that the \u2064Congressional Budget Office recently confirmed that the underlying deficit is expected to double from the previous fiscal year\u2062 to \u200cthe current one. Additionally, the office had previously warned in \u200cJune\u2064 that the\u2063 combination of high interest rates\u2063 and escalating\u2062 national debt could lead to net interest payments reaching \u200b6.7% of GDP by 2053, as reported by Fortune.<\/p>\n<p>Instead of focusing on \u2062solutions, \u200cMacGuineas criticized the\u2064 tendency of leaders to make empty promises \u200cabout \u2063which programs they refuse\u2064 to touch and which taxes they won&#8217;t raise. She deemed this kind of talk not only pandering but also highly irresponsible given the dire situation.<\/p>\n<p>The escalating national debt is a cause for concern \u200band\u200d should not be taken lightly. Such high levels of debt \u2064can have detrimental effects\u2062 on the country&#8217;s economic \u2064stability and future. It puts \u200da burden\u2064 on future generations who will have to bear the consequences\u200c of this\u200b unsustainable\u200c fiscal behavior.<\/p>\n<p>The national debt has\u200c been on an\u200d upward trajectory for\u200b years, and it is time\u200d for \u2063our leaders to take \u2062immediate action. Constructive \u200bconversations and meaningful reforms \u200dare urgently needed to address the \u2063root causes of this crisis. It will require bipartisan efforts to rein\u200c in spending, explore revenue growth, and make responsible\u2062 choices to restore fiscal\u200c sanity.<\/p>\n<p>Failure to effectively manage and reduce the national \u2062debt could result in serious\u2063 consequences, including \u200chigher interest rates, inflation, \u200cand \u2062a\u200b weakened \u2063economy. It also limits the government&#8217;s ability \u200bto respond to future emergencies and\u200b invest \u200bin\u200c essential areas\u2064 such as education, healthcare, and infrastructure.<\/p>\n<p>It is essential for policymakers to\u200d <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-national-debt-surpasses-33t-for-first-time-in-history\/\" title=\"US national debt exceeds T, a historic milestone.\">prioritize long-term fiscal sustainability<\/a> and\u2062 make tough decisions\u200d that may require \u2062sacrifices \u2062but are necessary for the well-being\u2063 of\u200c the nation. Leaders must put aside political posturing and come together to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/president-biden-is-in-denial-republicans-blast-optimistic-white-house-after-dismal-inflation-release\/\" title=\"\u2018President Biden Is In Denial\u2019: Republicans Blast Optimistic White House After Dismal Inflation Release\">find common-sense solutions<\/a> that\u2064 will put the\u2062 United States on a path to financial \u2063stability.<\/p>\n<p>The\u2062 national debt\u2063 surpassing $33 trillion should serve\u2063 as a wake-up call for \u200ball Americans. It is a reminder of the urgent\u2064 need for fiscal responsibility\u200b and the importance of\u200d holding our \u200delected officials accountable. We cannot continue down this unsustainable path if we want to secure a prosperous future for ourselves and future generations. The time for action \u200dis now.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>America&#8217;s national debt reached a historic high of over $33 trillion, according to data from the Treasury Department. This comes as Washington, D.C. grapples with the possibility of a government shutdown due to federal spending concerns. The national debt reflects the amount owed by the federal government to security holders and has been steadily increasing in recent months.<\/p>\n","protected":false},"author":429,"featured_media":2036639,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-2036638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2036638","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\/429"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2036638"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2036638\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2036639"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2036638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2036638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2036638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}