CBO: U.S. Budget Deficit at $1.7 Trillion over Past Year

The nonpartisan Congressional Budget Office this week revealed the magnitude of the federal deficit, growing to $1.7 trillion in one year, as the national public debt reached $34.7 trillion for the first time in U.S. history.

On Monday alone, the national public debt grew by $37 billion. By Tuesday, it surpassed $34.7 trillion overall.

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Analysis: RCM/TIPP Economic Index Slumps Again

The RealClearMarkets/TIPP Economic Optimism Index, a leading gauge of consumer sentiment, dropped sharply 3.1 percent in June to 40.5. Since September 2021, the index has remained in negative territory for 34 consecutive months. June’s reading of 40.5 is 17.6 percent lower than the historic average of 49.2.

Optimism among investors edged up 0.4 percent from 46.3 in May to 46.5 in June, while it slumped by 6.0 percent among non-investors, from 40.1 in May to 37.7 in June.

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Economist: ‘True’ Federal Debt Masked by Draining U.S. Treasury

Janet Yellen

The federal debt continues to climb to unprecedented levels, but the “actual, true” debt is higher if the Treasury weren’t being drained, a national economist says.

Citing Bureau of the Fiscal Service data, E. J. Antoni, Ph.D., an economist at the Heritage Foundation, argues that as the federal debt increases, the “true daily deficit” is being masked by the amount of cash being drained from the U.S. Treasury by Treasury Department Secretary Janet Yellen.

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Feds Borrowed $6 Billion Per Day So Far This Fiscal Year

Maya Macguineas

The U.S. federal government has borrowed about $6 billion per day so far this fiscal year with little indication of slowing down.

The U.S. Treasury Department released its figures for the month of March showing it borrowed $236 billion in March alone, bringing the total to $1.1 trillion for this fiscal year, which runs from October to September.

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Watchdog: Biden’s 2025 Budget Would Drive National Debt to $45 Trillion in 10 Years, 106 Percent of GDP

The Committee for a Responsible Federal Budget (CRFB) a budget watchdog group, found that President Joe Biden’s fiscal year 2025 budget would drive the national debt to $45.1 trillion or 106 percent of the U.S. Gross Domestic Product (GDP) by 2034, from $27.4 trillion or about 97 percent of GDP at the present time.

The organization noted that those calculations are based on the Biden administration’s own internal figures. The current $27.4 trillion debt figure is the debt held by the public, not the total national debt including intragovernmental holdings.

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Mitch McConnell’s Legacy: $27.6 Trillion in National Debt

Mitch McConnell

Senate Minority Leader Mitch McConnell on Wednesday announced plans to step down as GOP conference leader in November, marking an end to his more than 20-year stint in Senate leadership that saw the U.S. accumulate a mountain of debt.

“One of life’s most underappreciated talents is to know when it’s time to move on to life’s next chapter,” he said on the Senate floor. “So I stand before you today … to say that this will be my last term as Republican leader of the Senate. I’m not going anywhere anytime soon. However, I’ll complete my job. My colleagues have given me until we select a new leader in November and they take the helm next January.”

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Commentary: Seven Ridiculous Examples of Government Waste in 2023

Congress Spending

Almost nobody doubts that the federal government wastes a lot of money. Every day we hear stories of fraud, mismanagement, and misplaced priorities that cost taxpayers millions, and sometimes billions, of dollars.

But just how much money is wasted? In his annual Festivus report—named after the fictional Seinfeld holiday—Senator Rand Paul tallies up some of the most egregious examples of government waste from the year. The report for 2023 came out on December 22, and as usual, the stories spanned the range from hilarious to deeply disconcerting. In all, Paul identified $900 billion in government waste from 2023.

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Poll Finds Americans Worried About National Debt

Congress Spending

Americans are worried about the national debt, according to the results of a new poll.

Americans have the national debt crisis as one of their top concerns along with war, inflation and crime. Those polled think the overspending has a direct impact on their personal security and also has an impact on the security of the United States, according to a recent study commissioned by Main Street Economics, a nonprofit group designed to educate Americans on the nation’s debt crisis.

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Meet the Leaders in Congress Who Helped Amass a Staggering $34 Trillion in National Debt

The national debt continues to rise sharply to record levels during the ongoing debate in Congress over the next federal spending bill.

The federal government has already piled another $383 billion onto the debt so far into the 2024 fiscal year, which began on October 1.

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Kentucky U.S. Rep. Thomas Massie Says It Is ‘Economically Illiterate and Morally Deficient’ to Send More Money to Ukraine on Episode 45 of ‘Tucker on X’

In episode 45 of his newest production, “Tucker on X,” host Tucker Carlson interviewed U.S. Representative Thomas Massie (R-KY-04) who is against sending more aid money to Ukraine in the country’s fight against Russia.

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Tea Party Patriots Action Condemn House Speaker McCarthy for Debt Ceiling Deal, Urge Republicans to Vote in Opposition

Tea Party Patriots Action (TPPA), the national conservative nonprofit group founded at the height of the Tea Party Movement, is condemning House Speaker Kevin McCarthy (R-CA-20) for negotiating an increase of $4 trillion to the national debt over the next 18 months and calling on House Republicans to vote against the bill.

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Commentary: Biden’s 10-Year Plan for Fiscal Disaster

Last month, President Joe Biden unveiled his proposed 10-year budget plan. The dollar figures are eye-popping: $17 trillion dollars in additional debt.

The previous 10-year period, 2013 through 2022, saw the national debt rise by an unprecedented $14 trillion, an amount that was turbo-boosted by the over-the-top COVID spending blowout. Yet, instead of a return to the bad-enough normalcy of an annual debt increase measured in the hundreds of billions rather than trillions, Biden wants to set a new record for debt accumulated in a decade, with an average annual deficit of $1.7 trillion being his “new normal.”

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Commentary: ‘Economist’ Krugman’s Accounting of the National Debt is Jailworthy

The national debt has risen at a blistering pace over recent decades and is now higher than any era of the nation’s history—even when adjusted for inflation, population growth, and economic growth (GDP).

Denying this reality, Nobel Prize-winning economist Paul Krugman recently wrote two columns for the New York Times in which he claimed that the debt is an “overhyped issue” and “isn’t all that unusual” from a historical perspective. His attempts to support these assertions employ the kind of fraudulent accounting that could land a corporate executive in jail.

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U.S. Projected to Tack on $19 Trillion in Debt over Next Decade as Spending Soars

The U.S. is likely to add $19 trillion more to the national debt in the next 10 years, which is $3 trillion higher than previously expected, new Congressional Budget Office (CBO) predictions show.

By the end of 2023, the CBO projects the deficit to be $1.4 trillion, and it will continue to average about $2 trillion annually, raising the debt to about $52 trillion. The CBO report indicates that the rise in the deficit is a result of bipartisan legislation coupled with the Federal Reserve’s hike in interest rates.

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Commentary: A Blueprint for Tackling America’s Crippling National Debt

Our debt is too large. Inflation is too high. We rarely pass a budget anymore — this year neither Budget Committee even bothered to come up with one. This is how great nations become weakened nations, and with all the threats on the world stage, it is urgent we make a change now.

What we need is a budget that changes our fiscal trajectory away from one where the debt is growing faster than the economy, to one where it is stabilized and then gradually brought down.

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Commentary: The Left Were the Mad Scientists, Americans Were Their Lab Rats

As the midterms approach, one way of looking at America’s current disaster is that we, the American people, were lab rats. And since 2021, the Left were the mad scientists, eager to try out their crackpot leftist experiments on us. 

The result is that the housing market is tottering on the verge of collapse. 

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