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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...

April 15 is usually Tax Day in the United States – the day by which your individual federal tax return has to have been filed, if you’re to avoid a late penalty. And if you’re in one of the many states with its own statewide income tax – 43 at last count – that usually shares the same deadline. By what right does the government take this money from us? That’s an easy one. The Constitution says it can. To be specific, the 16th Amendment authorized the federal government to collect income taxes, so it’s been legal for 110 years....

"Di Leo: The Cheap Mercedes and the Beautiful Bridge" I am told that there is a saying in the used car business: “Nothing is more expensive than a cheap Mercedes.” That’s not to say that it’s not possible to get a good price on a used Mercedes. It probably is. But the buyer must remember that people who buy new luxury cars are people who can afford the repairs on them. And even though that used car may be cheaper than a new car, once it’s in your possession, everything else that goes wrong, from brakes to HVAC, from shocks...

The U.S. began adding $1 trillion worth of debt about every three months beginning last June, a Bank of America investment strategist Michael Hartnett first pointed out in an investment note published last week. The national debt is currently $34.48 trillion and rising. It surpassed $34 trillion for the first time in U.S. history on Jan. 4. Three months prior, the debt first reached $33 trillion on Sept. 15, 2023. Three months prior to that, it first reached $32 trillion on June 15, 2023. “The national debt is the amount of money the federal government has borrowed to cover the...

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...

WASHINGTON, D.C. — As questions continue to mount regarding the lack of fiscal responsibility exercised by lawmakers, U.S. Senators said they are not super worried about running up the national debt since most of them will die of natural causes in the next year or so. "Yeah, we're not too concerned about it," said Senate Majority Leader Mitch McConnell. "If any of us were in any position to be alive when it comes time to pay the piper, we might do things a bit differently. As things stand now, most of us have one foot in the grave already, so...

It’s a presidential election year. Time to talk numbers. It is said that the United States National Debt – that is, the total debt owed by the federal government for past overspending – is now over $34 trillion. That’s bad. Federal tax revenue – that’s all kinds, from import duties to corporate and personal income taxes – every year is about $4.5 trillion. Of that, we pay about $400 billion in interest on the national debt. That’s only about one percent of the total national debt, or about 7 to 10 percent of federal revenues (why such a range? It...

Washington, January 20./TASS/. In November, Russia cut its holdings of the US sovereign debt, from $31 min month-on-month to $28 min, according to the latest data published by the US Treasury... Japan remained he biggest holder of the US state debt in November 2023, as its increased its holdings to $1.127 trin from $1.09 trln in October, followed by China with $782 bln and the United Kingdom with $716.2 bln.

De-dollarization is the process of reducing the US dollar's hegemony in global trade and financial operations by shifting to alternative exchange methods such as national currencies and domestic payment systems, as well as transferring currency reserves. A third of UN member states have already opted for de-dollarization and decided to rely on national currencies to conduct payments, Sputnik's analysis has found. The analysis, which looked into statements made by officials from 193 UN countries in international and Russian media, showed that representatives of at least 68 UN nations openly supported the process of de-dollarization or stated that they were taking...

WASHINGTON, Jan 2 (Reuters) - The U.S. federal government's total public debt has reached $34 trillion for the first time, the U.S. Treasury Department reported on Tuesday as members of Congress gear up for another series of federal funding battles in coming weeks. The Daily Treasury Statement for Friday showed that the total public debt outstanding rose to $34.001 trillion from $33.911 on Thursday. The debt that counts toward the federal debt ceiling rose to $33.89 trillion on Friday from $33.794 trillion on Thursday. This "debt subject to limit" category excludes the unamortized discount on Treasury bills and zero coupon...

The US National Debt now exceeds 34 trillion dollars... Word that four closed border crossings on the US-Mexico border are to reopen... Politics in the USA and a USA Today/Suffolk Poll on the Presidential Contest. A two-way contest shows... Federal prosecutors dropping new charges on Democrat Senator Bob Menendez of New Jersey... A big story in the Mainstream Media today is the success of Chinese owned electric car maker BYD... There have been several explosions near a merchant vessel in the Bab el Mandeb Strait just south of the Red Sea... Harvard University President Claudine Gay resigning... An Iranian-affiliated group...

Washington, D.C., November 14, 2023 Quick update this Tuesday morning from Washington. As many of you know, Congress is once again up against a deadline to pass legislation funding the federal government’s discretionary spending. If you read no further, read this: I know I sound like a broken record, but it is NOT MY JOB to keep the federal government open and running at all costs, no matter what, regardless of how much debt we must take on. I vehemently disagree with that. We’re approaching $34 trillion in national debt, yet most of the media is oblivious to this crisis,...

Many Ukrainian men are running from the prospect of death and injury on the battlefield... The credit rating outlook of the US now called "Negative" by Moody's... "De facto-today, civilians are bombed-de facto...there is no reason for that and no legitimacy. So we urge Israel to stop" Those words from French President... "Hamas-ISIS is doing everything to prevent them from leaving for safe areas and using them as human shields" Israeli Prime Minister Benjamin Netanyahu responding... Israel revising the death toll in the brutal Hamas attack of October 7th... Sports the Big Ten Football Conference banning Michigan Coach Jim Harbaugh......

Beijing (AFP)-US Senate Majority Leader Chuck Schumer and his delegation met with Chinese Foreign Minister Wang Yi on Monday, agency pool video showed. Wang greeted Schumer and his delegation at Beijing's Diaoyutai State Guesthouse before going into a meeting. In opening remarks, the Chinese foreign minister said he hoped the visit would "help the United States to more accurately understand China"...

The ABC, CBS and NBC evening news shows once again proved why the American people should treat their coverage of President Joe Biden’s economy like the deceptive propaganda that it is. The U.S. national debt reached a scary milestone when it surged over a whopping $33 trillion, The New York Times reported Sept. 18 based on newly available Treasury Department data. The development ironically comes amidst left-wing media outlets like The Times bashing House Republicans for daring to push for deep cuts in wasteful government spending. To put this into perspective, the new daunting figure means that “every household in...

“… in 1966, a political revolution emerged in America that would have a massive impact on millions of families and marriages. The man behind it was President Lyndon Baines Johnson, who reached the White House amid a national tragedy but grabbed the reins of power quickly and purposefully, bent on transforming the country. Though he is lionized in popular culture these days, it is worth asking whether the celebratory tone accurately reflects the results of his revolution, at least in terms of his massive Great Society.” ……. “Johnson incorporated Moynihan’s study into a speech at Washington’s Howard University that suggested...

Here is Florida GOP Rep. Byron Donalds just savaging the Debt Ceiling Deal agreed to by House Speaker Kevin McCarthy and President Joe Biden. Donalds lays out why he opposes the deal, calling it a “crap deal” that leaves “all of Joe Biden’s policies, and all of Joe Biden’s spending intact.” He urges all Republicans to vote against the deal.....

The cost of interest payments on the national debt will continue to grow as a financial burden for the U.S. over the next decade, even surpassing what the nation spends on national defense within a few years, a newly released budget analysis shows. The national debt hit $31 trillion last fall and is well on its way to $32 trillion this year. As that debt grows, the U.S. Congressional Budget Office projects that the federal government will shell out over $10 trillion in the next decade on interest payments alone. “To put this $10.5 trillion total in perspective, this means...

The reparations movement has gained tremendous ground in recent years by offering promises of compensation to the descendants of slavery’s victims in the United States. The proposal forms the centerpiece of the New York Times 1619 Project, which is now a multi-million-dollar docuseries on the Hulu streaming service. A reparations task force in San Francisco recently recommended $5 million payments to African-American residents, and several Democratic members of Congress have pressed the Biden administration to prioritize the same cause at the federal level. Reparations have even made their way into children’s programming, with a recent episode of the Disney cartoon...

The US national debt will balloon by nearly $20 trillion over the next decade under the spending outlined in President Biden’s $6.9 trillion budget proposal released on Thursday.Under Biden’s budget plan for fiscal 2024, the gross national debt would surge to nearly $51 trillion as of the year 2033 — up from its current level of roughly $31.5 trillion. The federal debt as a share of US gross domestic product (GDP) would swell to a record 110% by 2033, up from 98% this year – shattering a dubious record that has stood since the end of World War II.The portion...