The non-binding vote is a sharp pivot from their hands-off approach during the Trump administration Senate Republicans on Wednesday signaled they might oppose any future increase to the debt ceiling unless Congress also couples it with comparable federal spending cuts, raising the specter of a political showdown between GOP leaders and the White House this […]
The U.S. national debt is closer to $123 trillion, more than four times what the Treasury Department is reporting, Chicago-based Truth in Accounting calculates in its new annual analysis of the nation’s finances. The federal government has $5.95 trillion in assets and $129.06 trillion worth of bills resulting in a $123.11 trillion shortfall, or a […]
Now that a Democrat is in the White House, Republicans seem a lot more concerned about the national debt. Speaking to reporters in his home state of Kentucky, Senate Minority Leader Mitch McConnell suggested the debt was already high enough. “We’ve reached a critical point here,” he said. He noted that the debt, which hit […]
Last year was one of the worst years in modern American (and global) history. The COVID-19 pandemic has now killed over 500,000 Americans and has severely damaged the nation’s economy. Millions are still out of work, many cannot afford mortgage and rent payments, and tens of thousands of local businesses have permanently shut down. Congress […]
Is debt dangerous? It depends. In a rare show of bipartisan politics, both this administration and the previous one seem to say “no”. With a compliant Federal Reserve Bank, it appears there is no limit to the spending funded by borrowing more. I suppose it is true to say, “as long as there are no […]
Out-of-control government spending is a dangerous problem that both political parties are failing to address. The national debt of the United States is $28 trillion and rising and the federal government continues to run massive deficits. The COVID-19 pandemic has only escalated government spending. The national debt represents a significant crisis for the nation. A […]
Fed Chair Jerome Powell said this week that while US government borrowing at current levels is “unsustainable,” the current debt level is “very sustainable” and won’t be a concern in the near-term. “The US federal budget is on an unsustainable path, meaning simply that the debt is growing meaningfully faster than the economy,” he said […]
Does anyone actually care? At the moment, our national debt exceeds $28 TRILLION — about 80% held as public debt and the rest as intragovernmental debt. That is $225,000 per taxpayer. Federal annual spending this year is almost $8 trillion, and more than half of that is deficit spending — piling on the national debt. If that […]
WYOMING — Wyoming Senator Cynthia Lummis is co-sponsoring a bill entitled, Sustainable Budget Act of 2021, aimed at addressing the nation’s budget and national debt. She announced the legislation yesterday, April 15. According to a press release from Senator Lummis’s office, the Sustainable Budget Act would create an 18-member bipartisan national commission to find and […]
Congress continues to take actions that directly threaten the US position as a world leader The United States has long held a privileged position on the world stage. Our economy is strong. We build businesses, innovate solutions and pioneer new technologies. We are the centerpiece of the global economy, with nations looking to our systems and our currency […]
