{"id":2037947,"date":"2023-09-19T19:41:02","date_gmt":"2023-09-19T23:41:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-debt-exceeds-33-trillion-grows-by-1-trillion-in-three-months\/"},"modified":"2023-09-19T19:44:36","modified_gmt":"2023-09-19T23:44:36","slug":"us-debt-exceeds-33-trillion-grows-by-1-trillion-in-three-months","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-debt-exceeds-33-trillion-grows-by-1-trillion-in-three-months\/","title":{"rendered":"US debt surpasses $33T, increases by $1T in 3 months."},"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\">20<\/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-exceeds-33-trillion-grows-by-1-trillion-in-three-months%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=2037947&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--><blockquote>\n<h2>The United States National Debt Surpasses $33 Trillion, Raising Concerns Over \u2063Reckless Spending<\/h2>\n<p>The total national debt of the United States has reached a historic milestone, surpassing $33 trillion. Critics are increasingly pointing fingers at the\u200c Biden administration for its \u2064&#8221;reckless spending&#8221; policies.<\/p>\n<p>According to data from the U.S. Treasury Department, the total U.S. debt stood at $33.04 trillion on Sept. 15. This \u2062represents a rapid increase, considering that\u2063 just three months earlier, on June\u2063 15, the \u200ddebt was at $32.04 \u200btrillion. In other \u2062words, the debt rose by $1 trillion in a span of just three months. Meanwhile, the debt held by the public has exceeded $26 trillion.<\/p>\n<p>Maya MacGuineas, president of the government watchdog Committee for a\u200d Responsible Federal Budget (CRFB), expressed concern over these staggering numbers, \u200bstating, &#8220;We are\u2063 becoming numb to these huge numbers, but it\u200b doesn&#8217;t make them any less dangerous.&#8221;<\/p>\n<p>MacGuineas emphasized the need\u2062 for serious action, saying,\u2063 &#8220;Getting the debt under control will require taking a serious look at health care, Social Security, and\u200d the tax code.&#8221;<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<h2 class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related\u200c Stories<\/h2>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n<a href=\"http:\/\/www.theepochtimes.com\/epochtv\/house-oversight-committee-hearing-on-bidenomics-a-perfect-storm-of-spending-debt-and-inflation-5494222?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3>House Oversight Committee Hearing on &#8216;Bidenomics: A Perfect Storm of Spending, Debt, and\u2064 Inflation&#8217;<\/h3>\n<p><\/a>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">9\/19\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[120px]\">\n<a href=\"http:\/\/www.theepochtimes.com\/epochtv\/house-oversight-committee-hearing-on-bidenomics-a-perfect-storm-of-spending-debt-and-inflation-5494222?ea_src=author_manual&#038;ea_med=related_stories\"><\/a>\n<\/div>\n<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n<a href=\"http:\/\/www.theepochtimes.com\/article\/fuel-costs-interest-rates-and-student-debt-will-crush-consumer-spending-5490854?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3>Fuel Costs, Interest Rates, and Student Debt Will Crush Consumer Spending<\/h3>\n<p><\/a>\n<\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">9\/17\/2023<\/div>\n<\/div>\n<div class=\"shrink-0 basis-[120px]\">\n<a href=\"http:\/\/www.theepochtimes.com\/article\/fuel-costs-interest-rates-and-student-debt-will-crush-consumer-spending-5490854?ea_src=author_manual&#038;ea_med=related_stories\"><\/a>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The CRFB recently highlighted that the federal budget deficit reached $2 trillion over \u2064the past year, double the previous fiscal year&#8217;s deficit of $1 trillion, as \u200bpredicted by the Congressional Budget Office (CBO).<\/p>\n<p>With federal funding set to run out on Sept. 30, there is\u200b a risk of a government shutdown. To avoid this scenario, Republicans\u2063 have agreed on an interim spending bill, which includes an 8 percent cut in government spending on domestic agencies and the resumption of border wall construction. However, it is unlikely to pass the Senate, which is controlled by Democrats.<\/p>\n<p>Lawmakers from both parties have voiced their concerns about the growing national \u200bdebt. Senator Roger Marshall (R-Ks.) stated,\u2064 &#8220;Our national debt just hit OVER $33 TRILLION. Joe Biden&#8217;s legacy is one of historic failures. We\u200b must reverse course and think about the impacts this president&#8217;s \u200dreckless spending will have \u200don future generations.&#8221;<\/p>\n<div class=\"my-5\">\n<p>&#8220;For the first\u2064 time in history, U.S. national \u2063debt\u2062 has\u2062 eclipsed $33 TRILLION dollars. Congress has failed. Both parties. It&#8217;s time to cut up the credit cards and make some tough decisions,&#8221; said Representative Eli Crane (R-Ariz.).<\/p>\n<h2>Threat of \u2064High Debt<\/h2>\n<p>Economic experts have raised alarm bells about the United States&#8217;s growing debt levels, warning that uncontrolled debt growth\u2063 could eventually doom the country.\n<\/p><\/div>\n<p>Brian Riedl, a senior fellow at the Manhattan Institute for \u2063Policy Research, referred\u200b to the\u2064 soaring debt and interest rates as a \u2062&#8221;ticking time\u2064 bomb&#8221; during \u200bhis testimony before the Senate Budget \u200dCommittee. He urged Congress to work diligently to avert an otherwise inevitable debt crisis.<\/p>\n<p>Jason J. Fichtner, vice\u200d president and chief economist at the Bipartisan Policy \u200bCenter, emphasized the need for immediate action, stating that the country&#8217;s debt \u200cis on an \u2063unsustainable trajectory.<\/p>\n<p>Mark Zandi, chief economist at Moody&#8217;s Analytics, called for boosting tax revenue and implementing spending restraint,\u200c warning that failure to address \u200dthe\u2064 debt situation could lead to \u200da recession and worsen fiscal challenges.<\/p>\n<p>The\u200c rising national debt has negative implications for \u2063Americans. As the\u200b debt continues to climb, bond buyers may <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-debt-exceeds-33-trillion-grows-by-1-trillion-in-three-months\/\" title=\"US debt surpasses T, increases by T in 3 months.\">demand higher interest \u2063rates due<\/a>\u200c to the increased risk associated with purchasing the debt.<\/p>\n<p>This rise in interest rates would make public investments aimed at fueling economic growth, such as investments in education, health, and\u2063 infrastructure, more costly. Consequently, there \u200bwould be fewer investments in these crucial areas.<\/p>\n<p>Higher interest rates would also\u200d make loans more expensive for businesses, leading to a decline in business investments\u2062 and further\u200d harm to the economy. The combination of reduced public and business investments results in lower growth, which ultimately undermines financial security for individuals.<\/p>\n<p>Furthermore, a\u200b large amount \u2062of\u2062 debt limits the country&#8217;s flexibility in responding to major financial crises.<\/p>\n<p>&#8220;As a father, I can&#8217;t begin \u200dto fathom the burden we are leaving\u2063 behind for our children&#8217;s generation\u2062 and beyond. For the good of our kids, we MUST get our\u200c fiscal house in order,&#8221; expressed \u2063Representative John James (R-Mich.) regarding the growing national debt.<\/p>\n<p>The Kobeissi Letter, a leading commentary on the global \u2062capital markets, warned that at the current pace of debt accumulation, \u2064the U.S. debt could reach \u2063$50 trillion \u2063within a couple of years. \u200cThe post also highlighted the decrease in U.S. tax receipts and the issuance of $1.9 trillion in bonds to cover deficit spending in the \u2064third and fourth quarters.<\/p>\n<\/blockquote>\n<p> <\/p>\n<h2> What\u2062 are the consequences of a high national debt\u200b and how does it threaten the economic stability and future of\u200c the United States?<\/h2>\n<p><span>  &#8220;Continued reckless spending and the ballooning\u200b national debt pose a serious threat to the economic stability and future of the United States,&#8221; Riedl\u2062 warned.<\/p>\n<p>The consequences of a \u200dhigh national \u2062debt are manifold. It can lead to a decrease in investor confidence, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/janet-yellen-as-congress-for-billions-to-help-other-countries-debt-relief-climate-change-initiatives\/\" title=\"Janet Yellen As Congress For Billions To Help Other Countries\u2019 \u2018Debt Relief,\u2019 \u2018Climate Change\u2019 Initiatives\">higher interest rates<\/a>, inflation, and a burden on\u2064 future \u200bgenerations \u200bwho will have to shoulder\u2064 the responsibility \u2063of paying off the debt. Additionally,\u2062 a high debt level\u200d limits the government&#8217;s ability to respond to emergencies\u200d or \u200cinvest in \u2064essential areas such as infrastructure, education, and\u2064 healthcare.<\/p>\n<p>The Biden administration has defended its spending\u2064 policies, arguing that the investments are necessary for economic recovery and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-to-leapfrog-u-s-as-worlds-biggest-economy-by-2028-think-tank\/\" title=\"China to leapfrog U.S. as world\u2019s biggest economy by 2028 \u2013 think tank\">long-term growth<\/a>. \u2063They point to initiatives such as the American Jobs Plan and the\u200c American Families Plan, which seek to address\u200c infrastructure needs, create jobs, and invest in education and social\u2064 programs.<\/p>\n<p>However, critics argue that the scale \u200bof spending \u2062is unsustainable and will only exacerbate the national debt crisis. They point to the lack of \u200badequate\u2064 measures to offset the spending, such as reducing\u2063 wasteful spending, reforming entitlement\u200d programs, and implementing tax reforms.<\/p>\n<p>Addressing the national\u200b debt crisis will require a comprehensive and bipartisan approach. Lawmakers from both \u200cparties must come\u2064 together \u2062to \u200coutline a responsible fiscal plan \u2064that \u200daddresses the \u200croot causes of the debt while ensuring the long-term financial\u200c stability of the country.<\/p>\n<p>Measures to tackle \u2062the national debt should include a combination of spending cuts,\u2062 entitlement reform, tax reforms, and economic growth strategies. \u200cIt is crucial to prioritize \u200bfiscal responsibility and make \u200dtough choices to bring the\u200c debt\u2062 under control.<\/p>\n<p>Furthermore, transparency\u200c and \u2062accountability in government spending are essential. Regular audits and reviews\u200d of government programs and\u2064 agencies can identify inefficiencies \u200cand areas where spending can be reduced\u2064 or reallocated.<\/p>\n<p>Public education on the implications of the national debt \u2062is also crucial. By raising awareness about the consequences of unchecked\u200d spending and the\u200c <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/in-depth-questions-about-genetically-modified-crops-being-pushed-as-agricultures-silver-bullet-solution-to-climate-change\/\" title=\"Are genetically modified crops really the ultimate solution to climate change in agriculture?\">long-term \u2063effects<\/a> of the \u200bnational debt,\u200d citizens can put pressure on lawmakers to act responsibly and hold them accountable\u200c for their fiscal decisions.<\/p>\n<p>The national\u2062 debt\u200b is not\u2062 just \u2063an issue for politicians and economists. It is a matter that \u2062affects\u200c every citizen of the\u2064 United \u200cStates. The burden of the debt falls on current\u200c and future generations, and \u2063it is \u2063imperative that action is taken to prevent further damage to the nation&#8217;s economy and financial\u2063 stability.<\/p>\n<p>As the United States national debt\u200d surpasses $33 \u200dtrillion, it serves as a wake-up call for \u200bpolicymakers and citizens\u2063 alike to address the culture of \u2063reckless spending. The time for action \u2064is now,\u200c before it is too\u200c late to reverse the detrimental effects of unsustainable debt levels. Only through responsible fiscal policies \u200dand bipartisan cooperation \u2063can the\u2063 United States secure a\u2062 stable\u200d financial future for \u200cgenerations to come.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US national debt has exceeded $33 trillion, marking a historic milestone. The Biden administration is facing growing criticism for its perceived &#8220;reckless spending&#8221; approach. As of September 15, the total US debt stood at $33.04 trillion, a significant increase since June 15.<\/p>\n","protected":false},"author":186,"featured_media":2037948,"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":[543],"tags":[],"class_list":["post-2037947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"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\/2037947","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\/186"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2037947"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2037947\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2037948"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2037947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2037947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2037947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}