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The International Monetary Fund sounded the alarm on the Biden administration’s rampant spending as “out of line with what is needed for long-term fiscal stability.” The latest forecast from the IMF — a Washington-based group tasked with fighting financial crises worldwide — warned that the ballooning national debt and the fiscal deficit threatened to exacerbate sky-high levels of inflation while posing a long-term risk to the global economy. The IMF noted in its forecast that the US federal budget deficit grew from $1.4 trillion in fiscal 2022 to $1.7 trillion last year. ... The debt held by the public, which...

The debt load of the U.S. is growing at a quicker clip in recent months, increasing about $1 trillion nearly every 100 days. The nation’s debt permanently crossed over to $34 trillion on Jan. 4, after briefly crossing the mark on Dec. 29, according to data from the U.S. Department of the Treasury. It reached $33 trillion on Sept. 15, 2023, and $32 trillion on June 15, 2023, hitting this accelerated pace. Before that, the $1 trillion move higher from $31 trillion took about eight months. U.S. debt, which is the amount of money the federal government borrows to cover...

At the macro level, we see that The Federal government has gone wild spending money and borrowing it. Much more than businesses and households. Biden's wild spending reduces the degrees of freedom that Treasury has if the US slips into another recession or depression.

The situation surrounding the U.S. federal debt is not only concerning but also increasingly alarming. The federal debt has recently surpassed a staggering $33 trillion, a historic milestone in itself. What's even more worrisome is the rapid pace at which it's been growing. Since June, it has been expanding at an annualized rate of 18.5%. What makes this situation even more unsettling is that the United States hasn't even experienced a recession yet. The current level of Treasury issuances is truly unprecedented, and this raises questions about the nation's ability to manage its debt responsibly. For some perspective, consider that...

The Congressional Budget Office on Monday revealed that the cost of payments on the federal debt soared 41 percent in the first six months of the fiscal year thanks to higher interest rates — driving the deficit up to $1.1 trillion over the period. Top Financial Stories Argentina Shouldn’t Expect a ‘Dead Cow’ Bounce Marcos Falcone NRPLUS Garett Jones Rethinks Immigration Policy Dominic Pino NRPLUS Lessons from Nigel Lawson Andrew Stuttaford NRPLUS Under President Biden, massive spending has fueled not only high deficits but also inflation. The Federal Reserve Board has pursued an aggressive rate-increasing campaign to try and tame...

Colorado Republican Congresswoman Lauren Boebert revealed last night on Fox News that McCarthy could have already been sworn in as Speaker yet he refused a simple common-sense proposal from conservatives. This marks just another reminder that the Uniparty is completely responsible for this crisis. She told Fox News “Special Report” host Bret Baier she had endeavored to create “unity” to forge a conservative agenda supported by America. She said she and two others presented some simple requests including a border security bill, term limits, and reducing the federal debt. Yet the RINO squish rejected it all! Talk about shooting yourself...

The Biden administration has issued a warning that the pending federal debt crisis might trigger an economic recession that would affect economic growth and trigger job losses across the United States. “Hitting the debt ceiling could cause a recession. Economic growth would falter, unemployment would rise, and the labor market could lose millions of jobs,” the White House said in a letter (pdf) to state and local governments that was released Sept. 17. Arguing that Congress needs to raise or suspend the U.S. debt ceiling, the administration said the debt crisis may affect the country’s recovery after the CCP (Chinese...

The primary purpose of these financial statements is to report how the annual budget deficit relates to the change in the government’s cash and other monetary assets, as well as federal debt and interest payable. It explains why the budget deficit normally would not result in an equivalent change in the government’s cash and other monetary assets. These statements reconcile the budget deficit to the change in cash and other monetary assets during the fiscal year. They also serve to explain how the budget deficits were financed. These statements show the adjustments for non-cash outlays included in the budget, and...

The federal government owns a great deal of valuable assets both above and below ground. The above ground assets include buildings, lands, roads, railroad infrastructure, levees, dams, and hydroelectric generating facilities, to name just a few, many of which are underutilized. Below the ground, the federal government owns the rights to mineral and energy leases, from which they receive royalties, rents, and bonus payments. Federal real property totals over 900,000 assets with a combined area of over 3 billion square feet and more than 41 million acres of land. Additionally, the federal government owns over 600 million acres of lands...

Washington’s welfare-industrial complex both discourages work and leads people to expect that government will solve the problems government has created.Even before President Biden’s new $1.9 trillion COVID “stimulus” package goes into effect, multiple news stories make clear the flaws in its approach. Washington’s welfare-industrial complex, which the “stimulus” will bloat even further, both discourages work and leads people to expect that government will solve the problems government has created.The coronavirus pandemic caused very real economic hardship for millions of American families. But many of the well-meaning efforts to address those hardships—along with welfare expansions Democrats proposed long before COVID hit...

Federal spending programs that are "designed to transfer income ... to individuals or families" are set to hit a record $3,223,943,000,000 in fiscal 2020, according to projections published by the Office of Management and Budget. These so-called "payments for individuals" (as the OMB calls them) are projected to account for 67.9% of all federal spending this fiscal year and consume 14.4% of the nation's gross domestic product. In its Historical Table 6.1, Composition of Outlays, the OMB reports the annual amounts spent on "payments for individuals" going back to fiscal 1940 in both current year and constant fiscal 2012 dollars....

U.S. Treasury Secretary Steven Mnuchin on Wednesday urged Congress to approve a "clean" increase in the federal debt limit by the time it starts its summer recess in early August. "I urge you to raise the debt limit before you leave for the summer," Mnuchin told the House Ways and Means Committee. Congress and the administration can discuss future spending cuts, but it was "absolutely critical" to preserve U.S. creditworthiness by paying debts already incurred, he said. Republicans in Congress have sought to use past debt ceiling increases as leverage to force new spending cuts. Mnuchin said his preference was...

(CNSNews.com) - The federal debt climbed by more than a trillion dollars during 2016, according to data released today by the U.S. Treasury.On Dec. 31, 2015, the last business day of 2015, the federal debt was $18,922,179,009,420.89. On Dec. 30, 2016, the last business day of 2016, it was $19,976,826,951,047.80.The one-year increase in the federal debt during calendar year 2016 was therefore $1,054,647,941,626.91.That increase in the debt equaled $8,860.65 for each of the 119,026,000 households the Census Bureau estimated there were in the United States as of September.During President Barack Obama’s time in office the federal debt has increased by...

The national debt hit $19 trillion for the first time ever on Friday, and came in at $19.012 trillion. It took a little more than 13 months for the debt to climb by $1 trillion. The national debt hit $18 trillion on Dec. 15, 2014. That's a slightly stepped-up pace compared to the last few $1 trillion mileposts. It took about 14 months for the debt to climb from $17 trillion to $18 trillion, and about the same amount of time to go from $16 trillion to $17 trillion. The federal government has been free to borrow as much as...

To the surprise of absolutely no one, the nationÂ’s debt has skyrocketed during President Barack ObamaÂ’s tenure. In a little over five and a half years, the Obama administration has added more than $7 trillion to the total, a number that represents more debt accumulation than the administrations of George Washington through Bill Clinton combined. At the close of business on July 31, the nationÂ’s debt was $17.6 trillion, with $7.06 trillion of it accumulated since Obama was inaugurated in 2009. CNS News offers some gut-wrenching perspective regarding the numbers: As of June, there were 115,097,000 households in the United...

On July 3, 2008, then-presidential candidate Barack Obama infamously called President George W. Bush “unpatriotic,” and his polices “irresponsible” for adding $4 Trillion to the country's "credit card." This was almost more than all other US presidents combined, he argued, and therefore was putting America on a dangerous path to fiscal insolvency. Less than six years into his own administration, however, the president has failed to reverse the untenable course set by his predecessor; and, indeed, is making America's heavy debt burden even worse. CNS News reports: The total federal debt of the U.S. government has now increased more than...

Republicans in the Senate are struggling to come up with the five votes they'd need to ensure passage on Wednesday of a House bill raising the debt ceiling. The measure is likely to win support from the upper chamber's 53 Democrats and the two Independents that caucus with Democrats. But only one Republican, Sen. Mark Kirk (Ill.), has so far said he would back the bill. The measure needs 60 votes because Sen. Ted Cruz (R-Texas) is filibustering the bill over the lack of spending reforms attached to it. Kirk told The Hill the vote would be close. “I think...

As policymakers begin fighting over this year’s appropriations, the Congressional Budget Office has released a long-term projection that puts today’s budget battles in broader context. The federal government is in the most unique and dangerous fiscal situation that it has ever been in during peacetime. Federal spending and debt as a share of GDP are being sustained at very high levels, and that is sapping the nation’s economic vitality. Spending and debt remove resources from the voluntary, productive, and innovative sector of the economy and put those resources in the hands of the coercive, mismanaged, and centrally planned sector. The...

During the month of February—as President Barack Obama was warning Americans they would see dramatic effects in their lives if “sequestration” of some planned federal spending kicked in—the federal government’s debt climbed by $253.5 billion. That one-month increase in the debt was nearly six times as much as the $44 billion in spending cuts the Congressional Budget Office estimates will take place in all of fiscal 2013 as a result of sequestration. …

This one's rich: “The combination of a massively expanded central bank balance sheet and an unsustainable public debt trajectory is a mix that has the potential to substantially reduce the flexibility of monetary policy,” the economists write. “This mix could induce a bias toward slower exit or easier policy, and be seen as the first step toward fiscal dominance. It could thereby be the cause of longer-term inflation expectations and raise the risk of inflation overall.” There is no flexibility and it is the direct and proximate consequence of Congress and The Adminstration ignoring the fundamental realities of arithmetic --...