https://apnews.com/article/treasury-debt-spending-trump-obbb-6f807c4aae78dcc96f29ff07a3c926f4US national debt reaches a record $37 trillion, the Treasury Department reportsWASHINGTON (AP) — The U.S. government’s gross national debt has surpassed $37 trillion, a record number that highlights the accelerating debt on America’s balance sheet and increased cost pressures on taxpayers.The $37 trillion update is found in the latest Treasury Department report issued Tuesday which logs the nation’s daily finances.The national debt eclipsed $37 trillion years sooner than pre-pandemic projections. The Congressional Budget Office’s January 2020 projections had gross federal debt eclipsing $37 trillion after fiscal year 2030. But the debt grew faster than expected because of a multi-year COVID-19 pandemic starting in 2020 that shut down much of the U.S. economy, where the federal government borrowed heavily under then-President Donald Trump and former President Joe Biden to stabilize the national economy and support a recovery.And now, more government spending has been approved after Trump signed into law Republicans’ tax cut and spending legislation earlier this year. The law set to add $4.1 trillion to the national debt over the next decade, according to Congressional Budget Office estimates.Chair and CEO of the Peter G. Peterson Foundation, Michael Peterson said in a statement that government borrowing puts upward pressure on interest rates, “adding costs for everyone and reducing private sector investment. Within the federal budget, the debt crowds out important priorities and creates a damaging cycle of more borrowing, more interest costs, and even more borrowing.”
Wendy Edelberg, a senior fellow in Economic Studies at the Brookings Institution said Congress has a major role in setting in motion spending and revenue policy and the result of the Republicans’ tax law “means that we’re going to borrow a lot over the course of 2026, we’re going to borrow a lot over the course of 2027, and it’s just going to keep going.”The Government Accountability Office outlines some of the impacts of rising government debt on Americans — including higher borrowing costs for things like mortgages and cars, lower wages from businesses having less money available to invest, and more expensive goods and services.Peterson points out how the trillion-dollar milestones are “piling up at a rapid rate.”The U.S. hit $34 trillion in debt in January 2024, $35 trillion in July 2024 and $36 trillion in November 2024. “We are now adding a trillion more to the national debt every 5 months,” Peterson said. “That’s more than twice as fast as the average rate over the last 25 years.”The Joint Economic Committee estimates at the current average daily rate of growth an increase of another trillion dollars to the debt would be reached in approximately 173 days.Maya MacGuineas, president of the Committee for a Responsible Federal Budget said in a statement that “hopefully this milestone is enough to wake up policymakers to the reality that we need to do something, and we need to do it quickly.”
Weird, retards on this board seemed to claim that cutting taxes can't raise the deficit. Yet here we are, the national debt skyrocketing after Trump cut taxes and didn't add new spending. Curious.
>>1426245It's because you're retarded.The deficit is the amount of money the federal government overspends in a year. The debt is the amount of money the federal government has overspent in its entire lifetime.>woah wow omg the debt keeps increasing under Trump how could republicans do this???Yeah no shit idiot, we're wasting money defending the world with our stupidly large military while simultaneously sending foreign aid to half of the western world. But whenever we try to push for more isolationism you shit your pants because brown women would be denied birth control.
>>1426246>weLOL. is russia winning
>>1426246>Yeah no shit idiot, we're wasting money defending the world with our stupidly large military while simultaneously sending foreign aid to half of the western world. But whenever we try to push for more isolationism you shit your pants because brown women would be denied birth control.Funny how Trump did this and then it went up even more.
>>1426249Yeah according to faggot nation states who have been hitting us with tariffs for decades>DRUMPF IS GONNA CRASH THE US ECONOMY JUST YOU WAIT!>economy doesn't crash, everything is actually fine, price of gas goes down, price of food goes downDemocrats tongue my anus
>>1426251someones melting downmaybe have a nice fenty puff puff and tranny goon goon
>>1426243>$37 TRILLION; REPUBLICAN SPENDING OUT OF CONTROLDOGE's 'Big Balls'? More like Crushed Nuts
>>1426253I don't care what europoors think, they're about to undergo a civil war.
>>1426253Theres the projectionist showing his fetishes again
>>1426251>price of gas goes down, price of food goes downYeah that's not happening though. You got like, maybe 10 cents off gas (with Trump trying to gaslight the whole nation into thinking a place where it's $2.40 exists) and increased grocery bills near-universally.
>>1426259>You got like, maybe 10 cents off gas (with Trump trying to gaslight the whole nation into thinking a place where it's $2.40 exists) and increased grocery bills near-universally.lolwut? NTA, gas here is about $2.80 (Phoenix) and my last grocery cost was about $25. This is a vast fucking improvement from 2022.
>>1426260>This is a vast fucking improvement from 2022.>Vast fucking improvement from straight off of global shipping disruptionThat's not speaking for much.
>>1426261It does when you take into account Biden making that global shipping disruption as painful as possible by attacking domestic oil production - only for half the people on /news/ to tell me "the president doesn't control gas prices!".
>>1426260>$2.80 (Phoenix)You're full of shit. Costco gas is $2.90 in phx
>>1426260>gas here is about $2.80 (Phoenix) and my last grocery cost was about $25. This is a vast fucking improvement from 2022.Thank you MR PRESIDENT Donald J Trump!
>>1426260so you just lie for fun, or,?
>>1426260Good post
>>1426262>"Biden attacked domestic oil production!">...by shutting down one pipeline that wasn't even past planning stages
>>1426243I sell my blood to pay for health care. The blood is used for youth regeneration products for the rich
Canceled Keystone XL pipeline & paused Arctic drilling leases — On Jan 20 2021, Executive Order 13990 revoked the Keystone XL pipeline permit and placed a moratorium on oil/gas leasing in the Arctic National Wildlife Refuge. Critics argued this reduced expected future domestic supply by removing a major transport route for Canadian crude and restricting Arctic development.Citation: https://www.federalregister.gov/documents/2021/01/25/2021-01765/protecting-public-health-and-the-environment-and-restoring-science-to-tackle-the-climate-crisisPaused new federal oil & gas lease sales — Same EO 13990 directed a review of federal leasing, followed by a leasing pause announced Jan 27 2021 via Executive Order 14008 (“Tackling the Climate Crisis at Home and Abroad”), which ordered the Interior Dept. to halt new oil/gas leases on public lands and offshore waters pending review. Critics said this slowed expansion of domestic production capacity.Citation: https://www.federalregister.gov/documents/2021/02/01/2021-02177/tackling-the-climate-crisis-at-home-and-abroadSuspended LNG export terminal approvals — In Jan 2024, DOE announced a pause on new LNG export permit approvals while it updated environmental/economic impact assessments. Critics, including the Chevron CEO, said it removed potential supply from global markets and could raise prices by signaling constrained U.S. export capacity.Citation: https://www.energy.gov/articles/biden-harris-administration-pauses-approvals-lng-exports-update-environmental-economic
Increased federal land royalty rates & production costs — The Inflation Reduction Act (Aug 2022) permanently raised the onshore oil/gas royalty rate on federal leases from 12.5% to 16.67%, raised minimum bids, increased rental rates, and updated bonding requirements. Industry groups said these measures increased the cost of domestic extraction.Citation: https://www.congress.gov/bill/117th-congress/house-bill/5376/textStrategic Petroleum Reserve (SPR) and gasoline reserve releases — In 2022, Biden authorized the release of ~180 million barrels from the SPR (largest in history) under the Energy Policy and Conservation Act emergency authority, aiming to reduce pump prices. Critics called it a short-term price control that did not address underlying supply restrictions caused by policy choices.Citation: https://www.energy.gov/articles/doe-announces-additional-releases-crude-oil-strategic-petroleum-reserve
>>1426276>>1426277Aww, the shills so flustered they're even just copy/pasting their already debunked shill talking points. I'll accept your concession.
>>1426276>>1426277>https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrfpus2&f=mPlease look at this chart and stop sucking big oil's cock. Regulations to stop them from polluting the fuck out of the ocean and our drinking water isn't the same as suffocating them.
>>1426276>>1426277Market Context: U.S. gas prices are driven by global crude oil markets (Brent/WTI prices), which are influenced by OPEC, geopolitical events, and demand. Domestic policies shape long-term supply expectations but are secondary to global dynamics in the short term. EIA data shows U.S. oil production rose from 11.3 million bpd in 2021 to 12.9 million bpd in 2023, despite these policies, suggesting no significant supply reduction.Critics’ Perspective: Industry critics (e.g., Chevron, API) argue these policies created regulatory uncertainty, discouraging investment and supporting higher prices. While plausible, this effect is hard to quantify and was dwarfed by global price drivers.Conclusion: Biden’s actions had limited, indirect effects on gas price increases, primarily through market expectations of constrained future supply. Global oil market dynamics were the dominant force behind price spikes in 2021–2022. SPR releases actively lowered prices, countering other policies’ potential impacts.
>>1426277>>1426276Wow lol. Another lefty melty caused by FACTSACTS
>>1426282Your "alternative facts" aren't real.
>>1426288Oh, did Biden not sign those executive orders?Your cope is showing, and it's cringey
>>1426289Making indoctrinated chuds cringe is a badge of honor.
>>1426295>>1426295Nobody cares how your fictitious scenarios you wish happened make you feel Facts are facts, and they don't care about your make believe cope.These are real: >>1426276 >>1426277And your cope is simply that. Cope.
>>1426243>The $37 trillion update is found in the latest Treasury Department report issued Tuesday which logs the nation’s daily finances.They're lying. We're making bank from the tariffs. Fire them all like they fired the BLS commie.
>>1426297no ones saying they aren't real. we're just saying they didn't influence gas priceswhy are you arguing that your citations are real?
>>1426302>We're
Gas = $3.14 a gallonEggs = $2.68 a dozenOverall inflation is at 2.7% in July but a core measure that strips out volatile food and energy items rose from 2.9% to 3.1%, reflecting the rise in services price, according to the consumer price index, released Aug. 12.
>>1426260Liarhttps://www.google.com/maps/search/gas/@33.5572152,-112.0809326,10z
>>1426243most of it was caused by biden retard unironically. Trump's cutting spending on medicare and food stamp programs.
>>1426243This always happen when a Republican gets voted into office. Everyone gets screwed over with exception to the billionaires.
>>1426322How did you get this confused?
>>1426246>But whenever we try to push for more isolationism you shit your pants because brown women would be denied birth control.All that brown woman bullshit aside, it's a matter of Soft Power.Hard power is power that we can project, with force or material wealth. That'd be the army, navy, marines, but also disaster relief, loans, materials, and other tangible items or effects.Soft power is the ability to get someone to rely on us and be far more favorable to us. Our position in NATO, humanitarian aid, charity, security, and the like all fall under this umbrella.If the US has a lot of Soft Power, we have a very, very significant amount of political pull. That's why we can say 'sanction these assholes,' and those assholes will get sanctioned. We can't legally make any other nation do these things, but everyone wants to do what we said because WE'RE the ones saying it, so multiple nations will listen to us.And it's not just the US that can do that. China has a significant amount due to being cheap labor and goods, the Middle East has a lot because cheap gas, and so on.All that wasted money is going towards things that advance Soft Power. It's how the US positions itself as the top dog in the world, just as much as the strength of our military. Were the US to become isolationist, the all the Soft Power evaporates and someone else fills the void, which would likely end up being China. They're already trying to do that, but can't usurp us because we have held onto both soft and hard prowess.>But it costs a lot of money!Not wrong, at all. However, if we aren't in a position to get those better deals, we stand to lose more money in the long term and can't direct global economics.
