The US authorities is piling debt onto its steadiness sheet at a blistering tempo.
The newest knowledge from the Treasury Division exhibits the federal government’s debt jumped from $33.802 trillion on December 1st to $33.911 trillion on December twenty eighth – an uptick of over $108.549 billion in a single month.
Because the nation’s debt continues to soar, the Treasury Division additionally says authorities funds to curiosity bills have now exceeded its protection finances.
Knowledge exhibits that the federal government allotted $168.849 billion to cowl the curiosity on Treasury debt securities from the beginning of the present fiscal yr, which started on October 1st, to November thirtieth, 2023.
In the meantime, the federal government spent $149.709 billion on the navy packages of the Division of Protection throughout the identical interval.
With curiosity funds on debt taking over a considerable portion of the federal government’s finances, former US Congressman Ron Paul is now calling the eye of Home Speaker Mike Johnson.
In a weekly column, Paul asks Johnson to listen to the pleas of his fellow Home members who’re sounding the alarm in regards to the authorities’s ballooning debt burden.
“I consider Speaker Johnson is clever, with a brilliant future in Home management. He has inherited a damaged system and a legislative physique that operates with none guiding rules. I sincerely hope he’ll start to hearken to the rising voices within the Home who’re questioning the warfare-welfare state.
We’re greater than 33 trillion {dollars} in debt, with curiosity funds on that debt dwarfing all different authorities spending. A crash is coming. There is no such thing as a time for extra ‘enterprise as ordinary.’”
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