Federal Government Borrowed $1.9 Trillion in First 11 Months of Fiscal Year 2024
By Brett Rowland (The Center Square)
The federal government has borrowed a staggering $1.9 trillion in the first eleven months of fiscal year 2024, including $380 billion in August alone, according to the latest Monthly Treasury Statement from the Treasury Department.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, expressed concerns over the borrowing rate, which amounts to approximately $6 billion per day this fiscal year.
MacGuineas highlighted the looming fiscal challenges that America faces in the near future, including extending tax cuts, raising the debt ceiling, and addressing the expiration of discretionary spending caps. She emphasized the urgency for action from political leaders to address the growing national debt and deficits.
She called on former President Donald Trump and Vice President Kamala Harris to prioritize deficit reduction and fiscal responsibility in their policies and campaign platforms.
The U.S. Government Accountability Office also issued warnings about the unsustainable long-term fiscal path of the federal government, stating that current spending levels are not sustainable in the long run. U.S. Comptroller General Gene Dodaro stressed the need for Congress and the administration to take decisive action to steer the nation towards a more stable fiscal course.
It is imperative for elected officials and candidates for office to develop comprehensive plans for deficit reduction and fiscal sustainability to safeguard the nation’s economy and the well-being of its citizens.
Syndicated with permission from The Center Square.
