The United States is facing a significant fiscal challenge as interest costs on national debt are projected to surpass all defense spending this year, with the trend expected to continue over the next decade. This situation is exacerbated by the national debt increasing by approximately $1 trillion every 100 days, contributing to rising living costs for American families. Families are reportedly spending an extra $1,000 every month on essentials like gas and groceries. The government's spending strategies, particularly in the lead-up to the November election, are forcing the Treasury to increase borrowing rates to over 4%, pushing the annual interest expense to an estimated $1.6 trillion by December. Critics attribute these economic pressures to the current administration's policies, highlighting a significant increase in the cost of everyday goods to nearly $140 and the financial strain on American households. There is a call for Congress to address this 'debt death spiral' by reviewing and cutting wasteful spending through the FY25 Budget Resolution, with the U.S. now borrowing $100k per second.
The United States is adding $1 trillion to its debt every 100 days.
The U.S. is now borrowing $100k per second. It’s critical Congress address this debt death spiral, immediately. Bring the House’s FY25 Budget Resolution to the floor. Let’s review those top-line numbers and start cutting wasteful spending. It’s time to do our job. https://t.co/N34yfxlpU1
Americans are dipping into their savings account and racking up credit card debt just to pay for everyday goods. Families cannot continue to pay the price for Biden’s failed economic policies. https://t.co/kTIPp2OCt0
BIDENOMICS: The same grocery list that was $100 a few years ago now costs nearly $140 under Biden. https://t.co/7TfJooRfqT
The US government is goosing its spending into the November election. This is forcing the Treasury to raise borrowing at 4%+, pushing the US annual interest expense to $1.6 trillion by December. There's no fixing this, and nobody in D.C. would dare try. https://t.co/OtiPmZgGKK
Soaring interest costs to exceed defense spending as government faces fiscal reckoning https://t.co/nYFTMDxp6f https://t.co/nYFTMDxp6f
Our national debt is increasing by $1 trillion about every 100 days and American families are spending an extra $1,000 every month just to keep up with rising prices at the gas station and the grocery store. That’s #Bidenomics at work.
Soaring interest costs are set to exceed all defense spending this year, with the gap only growing over the next decade as lawmakers stare down major fiscal problems Some insight from @Brian_Riedl + @MayaMacGuineas https://t.co/OVSzZEPNeY