(StraightShooterNews.com) – Federal watchdogs are raising concerns about the country’s outrageous spending habits, as the federal government has borrowed $1.9 trillion in the first eleven months of fiscal year 2024.
The figures come from the latest Monthly Treasury Statement released by the Treasury Department.
President of the Committee for a Responsible Federal Budget Maya MacGuineas pointed out that this amounts to roughly $6 billion borrowed every day this fiscal year.
“America faces steep fiscal challenges in the very near future – next year alone, we’ll need to confront the multi-trillion dollar question of extending the 2017 tax cuts, we’ll need to raise the debt ceiling, and we’ll need to address the expiration of discretionary spending caps,” she said.
MacGuineas continued, “In just three years, the national debt will be at a higher share of the economy than any point in history. And in less than a decade, the Social Security retirement trust fund will go insolvent, leaving beneficiaries with automatic and across-the-board cuts without action.”
Moreover, she urged former GOP presidential candidate Donald Trump and Democrat Kamala Harris to focus on these issues.
“Given these pressing deadlines, it’s more important than ever for the presidential candidates to take seriously the threats posed by high and rising debt and deficits,” MacGuineas stated.
She underscored that this week’s debate was another opportunity for fiscal clarity that fell flat since the candidates proposed new spending and tax cuts instead of hearing about how they would pay for them.
MacGuineas emphasized the need for candidates to develop a concrete plan.
“Both elected officials and candidates for our nation’s highest office will need to pivot towards the specifics on deficit reduction – and soon – if we’re ever going to see a more responsible federal budget become a reality,” she asserted.
Congress has received similar warnings. In February, a congressional watchdog told Joe Biden and Congress that the federal government is on an “unsustainable long-term fiscal path.”
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