* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, August 24, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Drake Appears in Teaser for Bobbi Althoff’s New Podcast ‘Not This Again’ – yahoo.com

    Drake Drops a Surprise Cameo in Bobbi Althoff’s Thrilling New Podcast Teaser ‘Not This Again

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    How to watch ‘F1: The Movie’ on Prime Video – About Amazon

    Experience the Thrill: How to Stream ‘F1: The Movie’ on Prime Video

    FOX One is now available on Prime Video: Here’s everything to know – About Amazon

    FOX One is now available on Prime Video: Here’s everything to know – About Amazon

    What Are Our Predictions for Taylor Swift’s ‘Life of a Showgirl’ Based on What She’s Told Us So Far? – yahoo.com

    Uncover the Hidden Surprises in Taylor Swift’s ‘Life of a Showgirl’ – Can You Decode Her Clues?

    Bama Dining Serving Up New Food, Entertainment – UA News Center

    Bama Dining Launches Thrilling New Food and Entertainment Experiences

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    UNLV Responds to Workforce Need with Microcredential in Nuclear Technology – University of Nevada, Las Vegas | UNLV

    UNLV Unveils Cutting-Edge Microcredential Program to Fuel Growth in Nuclear Technology

    Why Technology Will Never Take Over Completely – Patheos

    Why Technology Will Never Completely Control Our Lives

    Alcorn State awarded grant to boost STEM with VR technology – WJTV

    Alcorn State Secures Grant to Transform STEM Education Through Cutting-Edge VR Technology

    Hyundai: The Only Way To Beat China Is To Embrace Technology – InsideEVs

    Hyundai’s Bold Strategy to Outpace China with Cutting-Edge Technology

    Teaching older adults how to use technology – WWNY

    Empowering Older Adults to Master Technology with Confidence

    Denver man receives pacemaker using new technology – CBS News

    Denver Man’s Life Transformed by Revolutionary Pacemaker Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Drake Appears in Teaser for Bobbi Althoff’s New Podcast ‘Not This Again’ – yahoo.com

    Drake Drops a Surprise Cameo in Bobbi Althoff’s Thrilling New Podcast Teaser ‘Not This Again

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    How to watch ‘F1: The Movie’ on Prime Video – About Amazon

    Experience the Thrill: How to Stream ‘F1: The Movie’ on Prime Video

    FOX One is now available on Prime Video: Here’s everything to know – About Amazon

    FOX One is now available on Prime Video: Here’s everything to know – About Amazon

    What Are Our Predictions for Taylor Swift’s ‘Life of a Showgirl’ Based on What She’s Told Us So Far? – yahoo.com

    Uncover the Hidden Surprises in Taylor Swift’s ‘Life of a Showgirl’ – Can You Decode Her Clues?

    Bama Dining Serving Up New Food, Entertainment – UA News Center

    Bama Dining Launches Thrilling New Food and Entertainment Experiences

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    UNLV Responds to Workforce Need with Microcredential in Nuclear Technology – University of Nevada, Las Vegas | UNLV

    UNLV Unveils Cutting-Edge Microcredential Program to Fuel Growth in Nuclear Technology

    Why Technology Will Never Take Over Completely – Patheos

    Why Technology Will Never Completely Control Our Lives

    Alcorn State awarded grant to boost STEM with VR technology – WJTV

    Alcorn State Secures Grant to Transform STEM Education Through Cutting-Edge VR Technology

    Hyundai: The Only Way To Beat China Is To Embrace Technology – InsideEVs

    Hyundai’s Bold Strategy to Outpace China with Cutting-Edge Technology

    Teaching older adults how to use technology – WWNY

    Empowering Older Adults to Master Technology with Confidence

    Denver man receives pacemaker using new technology – CBS News

    Denver Man’s Life Transformed by Revolutionary Pacemaker Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home General

US national debt hits record $34 trillion as Congress gears up for funding fight

January 4, 2024
in General
US national debt hits record $34 trillion as Congress gears up for funding fight
Share on FacebookShare on Twitter

WASHINGTON (AP) — The federal government’s gross national debt has surpassed $34 trillion, a record high that foreshadows the coming political and economic challenges to improve America’s balance sheet in the coming years.

The U.S. Treasury Department issued a report Tuesday logging U.S. finances, which have become a source of tension in a politically divided Washington that could possibly see parts of the government shutdown without an annual budget in place.

Republican lawmakers and the White House agreed last June to temporarily lift the nation’s debt limit, staving off the risk of what would be a historic default. That agreement lasts until January 2025. Here are some answers to questions about the new record national debt.

HOW DID THE NATIONAL DEBT HIT $34 TRILLION?

The national debt eclipsed $34 trillion several years sooner than pre-pandemic projections. The Congressional Budget Office’s January 2020 projections had gross federal debt eclipsing $34 trillion in fiscal year 2029.

But the debt grew faster than expected because of a multi-year pandemic starting in 2020 that shut down much of the U.S. economy. The government borrowed heavily under then President Donald Trump and current President Joe Biden to stabilize the economy and support a recovery. But the rebound came with a surge of inflation that pushed up interest rates and made it more expensive for the government to service its debts.

“So far, Washington has been spending money as if we had unlimited resources,” said Sung Won Sohn, an economics professor at Loyola Marymount University. “But the bottom line is there is no free lunch,” he said, “and I think the outlook is pretty grim.”

The gross debt includes money that the government owes itself, so most policymakers rely on the total debt held by the public in assessing the government’s finances. This lower figure — $26.9 trillion — is roughly equal in size to the U.S. gross domestic product.

Last June, the Congressional Budget Office estimated in its 30-year outlook that publicly held debt will be equal to a record 181% of American economic activity by 2053.

WHAT IS THE IMPACT TO THE ECONOMY?

The national debt does not appear to be a weight on the U.S. economy right now, as investors are willing to lend the federal government money. This lending allows the government to keep spending on programs without having to raise taxes.

But the debt’s path in the decades to come might put at risk national security and major programs, including Social Security and Medicare, which have become the most prominent drivers of forecasted government spending over the next few decades. Government dysfunction, such as another debt limit showdown, could also be a financial risk if investors worry about lawmakers’ willingness to repay the U.S. debt.

Foreign buyers of U.S. debt — like China, Japan, South Korea and European nations — have already cut down on their holdings of Treasury notes.

A Peterson Foundation analysis states that foreign holdings of U.S. debt peaked at 49 percent in 2011, but dropped to 30 percent by the end of 2022.

“Looking ahead, debt will continue to skyrocket as the Treasury expects to borrow nearly $1 trillion more by the end of March,” said Peterson Foundation CEO Michael Peterson. “Adding trillion after trillion in debt, year after year, should be a flashing red warning sign to any policymaker who cares about the future of our country.

HOW COULD IT AFFECT ME?

The debt equates to about $100,000 per person in the U.S. That sounds like a lot, but the sum so far has not appeared to threaten U.S. economic growth.

Instead, the risk is long term if the debt keeps rising to uncharted levels. Sohn said a higher debt load could put upward pressure on inflation and cause interest rates to remain elevated, which could also increase the cost of repaying the national debt.

And as the debt challenge evolves over time, choices may become more severe as the costs of Social Security, Medicare and Medicaid increasingly outstrip tax revenues.

When it could turn into a more dire situation, is anyone’s guess, says Shai Akabas, director of economic policy at the Bipartisan Policy Center, “but if and when that happens, it could mean very significant consequences that occur very quickly.”

“It could mean spikes in interest rates, it could mean a recession that leads to lots more unemployment. It could lead to another bout of inflation or weird going on with consumer prices —several of which are things that we’ve experienced just in the past few years,” he said.

HOW DO REPUBLICANS AND DEMOCRATS DIFFER?

Both Democrats and Republicans have called for debt reduction, but they disagree on the appropriate means of doing so.

The Biden administration has been pushing for tax hikes on the wealthy and corporations to reduce budget deficits, in addition to funding its domestic agenda. Biden also increased the budget for the IRS, so that it can collect unpaid taxes and possibly reduce the debt by hundreds of billions of dollars over 10 years.

Republican lawmakers have called for large cuts to non-defense government programs and the repeal of clean energy tax credits and spending passed in the Inflation Reduction Act. But Republicans also want to trim Biden’s IRS funding and cut taxes further, both of which could cause the debt to worsen.

Both claims are previews of cases that will likely be put to voters in this year’s presidential election.

White House spokesman Michael Kikukawa put the blame on the GOP, saying in a statement that the steady accrual over years was “trickle-down debt — driven overwhelmingly by repeated Republican giveaways skewed to big corporations and the wealthy.”

By contrast, Republican lawmakers have said that borrowing during the Biden administration contributed to the 2022 spike in inflation rates that dragged down the Democratic president’s approval ratings.

Akabas said, “There is growing concern among investors and rating agencies that the trajectory we’re on is unsustainable — when that turns into a more dire situation is anyone’s guess.”

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Associated Press – https://apnews.com/article/national-debt-deficits-biden-economy-inflation-record-b4258704f830c7f6e9c5e693748216cb

Previous Post

Dutch working to promote cooperation in Europe to keep internet safe

Next Post

ANOTHER House Republican plans early exit from Congress…

Third annual event highlights cultural, ecological importance of Tawas Lake – Iosco County News Herald

Explore the Vibrant Culture and Stunning Ecology of Tawas Lake at This Year’s Exciting Third Annual Event!

August 24, 2025
UNT Ph.D. Grad Gives $2M to Launch Data Science Innovation Lab – Dallas Innovates

UNT Ph.D. Grad Gives $2M to Launch Data Science Innovation Lab – Dallas Innovates

August 24, 2025
Center to advance hunting and conservation looks to tradition, science – NBC Montana

Center Pioneers New Era in Hunting and Conservation by Merging Tradition with Science

August 24, 2025
‘Hidden gem’ – the lifestyle village beating the property slump – Stuff

‘Hidden gem’ – the lifestyle village beating the property slump – Stuff

August 24, 2025
UNLV Responds to Workforce Need with Microcredential in Nuclear Technology – University of Nevada, Las Vegas | UNLV

UNLV Unveils Cutting-Edge Microcredential Program to Fuel Growth in Nuclear Technology

August 24, 2025
Women’s football moves mountains in Pakistan – EL PAÍS English

Women’s football moves mountains in Pakistan – EL PAÍS English

August 24, 2025
Lifeguard, 82, Sets Impressive Guinness World Record After More Than 60 Years Lifeguarding – People.com

82-Year-Old Lifeguard Breaks Guinness World Record After Over 60 Years on Duty

August 24, 2025
Powell’s Rate Cut Signal Reflects Economy’s Delicate Position – Hindustan Times

Powell’s Rate Cut Signal Reflects Economy’s Delicate Position – Hindustan Times

August 24, 2025
Drake Appears in Teaser for Bobbi Althoff’s New Podcast ‘Not This Again’ – yahoo.com

Drake Drops a Surprise Cameo in Bobbi Althoff’s Thrilling New Podcast Teaser ‘Not This Again

August 24, 2025
Hamilton County school board rejects mental health center contract – Chattanooga Times Free Press

Hamilton County School Board Rejects Contract for New Mental Health Center

August 24, 2025

Categories

Archives

August 2025
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Jul    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (787)
  • Economy (807)
  • Entertainment (21,686)
  • General (16,641)
  • Health (9,847)
  • Lifestyle (820)
  • News (22,149)
  • People (809)
  • Politics (816)
  • Science (16,019)
  • Sports (21,306)
  • Technology (15,788)
  • World (788)

Recent News

Third annual event highlights cultural, ecological importance of Tawas Lake – Iosco County News Herald

Explore the Vibrant Culture and Stunning Ecology of Tawas Lake at This Year’s Exciting Third Annual Event!

August 24, 2025
UNT Ph.D. Grad Gives $2M to Launch Data Science Innovation Lab – Dallas Innovates

UNT Ph.D. Grad Gives $2M to Launch Data Science Innovation Lab – Dallas Innovates

August 24, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version