US Congressional Funding Fight Continues As National Debt Hits Record $34 Trillion

US Congressional Funding Fight Continues As National Debt Hits Record $34 Trillion

US Congressional Funding Fight , Continues as National Debt , Hits Record $34 Trillion.br In a report issued on January 2, the Treasury br Department announced that America'sbr gross national debt has surpassed $34 trillion. .br Associated Press (AP) reports that the br record-high debt signals impending political and economic challenges for the U.S. in the near future.br U.S. debt has emerged as a major source br of political tension, dividing Washington br ahead of a potential government shutdown br due to an inability to approve an annual budget.br AP reports that the national debt has surpassed $34 trillion br years ahead of pre-pandemic projections suggesting thatbr the record amount would be reached in 2029.br So far, Washington has been spending br money as if we had unlimited resources. br But the bottom line is there is no free lunch, br and I think the outlook is pretty grim, Sung Won Sohn, economics professor at Loyola br Marymount University, via Associated Press.br The gross debt includes funds that the government br owes to itself, which leads most lawmakers to rely br on the the public's total debt to assess finances. .br That figure currently stands at $26.9 trillion, br roughly the same amount as the br U.S. gross domestic product. .br In June of 2023, the Congressional Budget Office released br its 30-year outlook which estimated that publicly-held br debt will reach 181 of U.S. economic activity by 2053.br AP reports that the debt's current trajectory in the coming br decades may pose a threat to national security and major br programs like Social Security and Medicare.br AP reports that the debt's current trajectory in the coming br decades may pose a threat to national security and major br programs like Social Security and Medicare.br Looking ahead, debt will continue br to skyrocket as the Treasury expects to br borrow nearly $1 trillion more by the end br of March.


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Uploaded: 2024-01-03

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