Sunday, 19 Oct 2025
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
logo logo
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
  • 🔥
  • Trump
  • VIDEO
  • House
  • White
  • ScienceAlert
  • Trumps
  • Watch
  • man
  • Health
  • Season
Font ResizerAa
American FocusAmerican Focus
Search
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
Follow US
© 2024 americanfocus.online – All Rights Reserved.
American Focus > Blog > Politics > Deficit Nears $2 Trillion as Lawmakers Borrow $5 Billion Per Day
Politics

Deficit Nears $2 Trillion as Lawmakers Borrow $5 Billion Per Day

Last updated: October 19, 2024 12:17 pm
Share
Deficit Nears  Trillion as Lawmakers Borrow  Billion Per Day
SHARE

The United States is facing a dire financial situation as the annual deficit is rapidly approaching $2 trillion for the current fiscal year. This staggering figure is nearly double the record deficits seen before the COVID-19 pandemic, with federal borrowing reaching over $5 billion per day.

According to a report from the U.S. Congressional Budget Office, the federal deficit has reached an estimated $1.8 trillion in fiscal year 2024, marking a $139 billion increase from the previous fiscal year. This news is particularly troubling as the national debt continues to climb, nearing $36 trillion.

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, expressed concern about the future implications of the growing deficit. She warned that within the next twelve years, major trust funds for highways, Medicare, and Social Security will deplete their reserves, leading to difficult decisions on how to sustain crucial government programs.

Despite a significant 11% increase in federal revenue, totaling $479 billion, the mounting debt remains a pressing issue. CBO noted that revenues in all major categories, especially individual income taxes, exceeded the previous fiscal year’s levels.

Recent analyses of the tax plans proposed by presidential candidates indicate that both plans would further add to the national debt. This comes at a time when inflation, partly driven by excessive debt spending, is a top concern for many Americans.

Looking ahead to 2025, MacGuineas warned that lawmakers will face even greater challenges, including rising deficits, debt, and interest payments. Additionally, they will need to address the reinstatement of the debt ceiling, the expiration of budget caps set by the Fiscal Responsibility Act, and significant tax and spending changes.

See also  Deal of the Day: Save 20% at Under Armour

The escalating deficit and mounting national debt underscore the importance of addressing fiscal responsibility and finding sustainable solutions to ensure the long-term financial health of the country.

This article was syndicated with permission from The Center Square.

TAGGED:billionBorrowDaydeficitlawmakersnearstrillion
Share This Article
Twitter Email Copy Link Print
Previous Article Update: Man shot on McDonald’s parking lot has died Update: Man shot on McDonald’s parking lot has died
Next Article Snow lingers in mountains, rain possible in Denver Snow lingers in mountains, rain possible in Denver
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

Swiss resort prepares as rockslide threats rise

In the stunning Swiss Alpine village of Kandersteg, local authorities have been closely monitoring a…

June 30, 2025

Kathy Hochul defends Zohran Mamdani as ‘reasonable’ — claims they’ll find a way for his $10B in socialist freebies

Governor Kathy Hochul threw her support behind mayoral candidate Zohran Mamdani on Tuesday, dubbing him…

October 15, 2025

‘Animal House’ Star Tim Matheson Says He Was ‘Lucky’ Not to Be Cocaine Addict

Tim Matheson, best known for his role in "Animal House," recently opened up about his…

November 18, 2024

The Hive Studio Opens Greek Location With Animasyros

The Hive Studio, a renowned animation powerhouse known for its co-production of Tal Kantor's Oscar-nominated…

April 23, 2025

Stock trading app eToro IPOs, debuts on Nasdaq

Shares of eToro, a stock brokerage platform, soared in their Nasdaq debut following a successful…

May 14, 2025

You Might Also Like

DOJ Fires DC Prosecutor Who Led Lawfare Prosecution of Dr. Peter Navarro | The Gateway Pundit | by Cristina Laila
Politics

DOJ Fires DC Prosecutor Who Led Lawfare Prosecution of Dr. Peter Navarro | The Gateway Pundit | by Cristina Laila

October 17, 2025
See If You Are Overpaying for Your Home Insurance Coverage | The Gateway Pundit | by Promoted Post
Politics

See If You Are Overpaying for Your Home Insurance Coverage | The Gateway Pundit | by Promoted Post

October 17, 2025
NEW: President Trump Asks Supreme Court to Intervene and Allow National Guard Troop Deployment in Chicago – Amy Coney Barrett Responds | The Gateway Pundit | by Cristina Laila
Politics

NEW: President Trump Asks Supreme Court to Intervene and Allow National Guard Troop Deployment in Chicago – Amy Coney Barrett Responds | The Gateway Pundit | by Cristina Laila

October 17, 2025
House Oversight Committee Releases Transcript of Interview With Former Us Atty Acosta, Who Negotiated the ‘Sweetheart Plea Deal’ With Jeffrey Epstein in 2008 | The Gateway Pundit | by Paul Serran
Politics

House Oversight Committee Releases Transcript of Interview With Former Us Atty Acosta, Who Negotiated the ‘Sweetheart Plea Deal’ With Jeffrey Epstein in 2008 | The Gateway Pundit | by Paul Serran

October 17, 2025
logo logo
Facebook Twitter Youtube

About US


Explore global affairs, political insights, and linguistic origins. Stay informed with our comprehensive coverage of world news, politics, and Lifestyle.

Top Categories
  • Crime
  • Environment
  • Sports
  • Tech and Science
Usefull Links
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA

© 2024 americanfocus.online –  All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?