National debt surpasses $33 trillion
The U.S. gross national debt surpassed $33 trillion, a troubling benchmark as lawmakers show little interest in reining in spending, let alone a balanced budget.
The milestone comes as Congress faces a deadline of Sept. 30 to pass another spending measure or face a federal government shutdown.
“$1 trillion more debt… SINCE JUNE!” Rep. Dan Bishop, R-N.C., wrote on social media. “Now $33 trillion. Your family’s share is over $260,000. The swamp’s answer: let’s do another CR.”
The current deficits mean that debt will only continue to grow. Earlier this month, the U.S. Congressional Budget Office published its estimate of the deficit 11 months into the fiscal year which reported that the U.S. deficit hit about $1.5 trillion. At the same point last year, the deficit was under one trillion dollars.
That debt has several economic consequences, including elevated inflation and taxpayers shelling out billions just for interest payments on the debt. As The Center Square previou...