(The Center Square) – The U.S. annual deficit is nearing $2 trillion for this fiscal year, almost double the record deficits before the COVID-19 pandemic, as federal borrowing hit more than $5 billion per day.
The U.S. Congressional Budget Office reported that the federal deficit hit an estimated $1.8 billion in fiscal year 2024, $139 billion higher than the deficit from the previous fiscal year.
The troubling deficit news comes as the national debt continues to soar, drawing closer to $36 trillion.
“Within the next dozen years, three major trust funds – for highways, Medicare, and Social Security – will run out of reserves, forcing us to reckon with even tougher decisions on how to keep important government priorities afloat,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement.
Notably, the increased debt came even though federal revenue increased by 11%, or $479 billion, according to CBO.
“Revenues in all major categories, but notably individual income taxes, were greater than they were in fiscal year 2023,” CBO said in its report
Recent analyses of the respective presidential candidates’ tax plans show they would both add to the national debt. A slew of polls in recent years shows that inflation, driven in part by debt spending, is a top concern for Americans.
MacGuineas said the situation could get even worse next year.
“In 2025, lawmakers will face new hurdles,” she said. “Not only rising deficits, debt and interest, but also the reinstatement of the debt ceiling, the end of the Fiscal Responsibility Act’s budget caps, and major tax and spending expirations.
This treasonous Democrat Party is deliberately bankrupting our country in its attempt to destroy our freedoms and way of life and turn our country into the Democrat Party Socialist Dictatorship. 🙁 🙁 🙁
If you vote for any Democrat, you approve of this treasonous deliberate destruction of our great country!
I don’t think it’s just a demoncrapic issue. It’s a gubment issue. It’s a politician issue. The last two House speakers were and are Republican. But I don’t much (if any) conservative action in the chamber (and this proves it). I think the Repos are complicit in this whole tragedy. It’s also a pocketbook thing for Congress. They get a lot of money from defense, big Pharma, foreign gubments (can anyone say Ukraine).
AND exactly what are WE THE TAX PAYER GETTING for all that new debt?
Jack squat.
Saul Alinsky”s Doctrine: 8 steps to topple a free capitalist country and create a socialist dictatorship state
1) Healthcare — Control healthcare and you control the people. i.e. Obamacare
2) Poverty — Increase the Poverty level as high as possible, poor people are easier to control and will not fight back if you are providing everything for them to live.
3) Debt — Increase the debt to an unsustainable level. That way you are able to increase taxes, and this will produce more poverty.
4) Gun Control — Remove the ability to defend themselves from the Government. That way you are able to create a police state.
5) Welfare — Take control of every aspect of their lives (Import 20 Million illegal immigrants and provide Free Food, Clothing, Housing, medical Dental, and education).
6) Education — Take control of the media and what people read and listen to — take control of what children learn in school.
7) Religion — Remove the belief in the God from the Government and schools.
8) Class Warfare — Divide the people into the wealthy and the poor. This will cause more discontent and it will be easier to take (Tax) the wealthy with the support of the poor.
Does this sound like the agendas deliberate intensions of this treasonous, corrupt, destructive, woke, DEI, Socialist Democrat Party??