On Monday, The U.S. Congressional Budget Office said the federal government had accumulated more than $ 1 trillion in debt only six months into the fiscal year.
The Committee for a Responsible Federal Budget shared a report pointing out that those figures amount to an average of $6 billion daily in the fiscal year 2023.
“Our fiscal challenges will only become more difficult the longer we wait to do anything,” said Maya MacGuineas, president of the CRFB. “In just five years, the national debt will surpass its record as a share of the economy – set just after World War II, when we had no choice but to borrow to win the war. However, we are in no such emergency now. It is long past time that policymakers figure out a way to sustainably finance their priorities, not just add the costs to the national credit card.”
The data figures come as Republicans and Democrats approach a deadline to raise the debt ceiling or face defaulting on the national debt. This unprecedented event would have enormous ramifications for the U.S. and the global economy.
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