U.S. Government Borrowing $6 Billion Per Day
April 18th, 2023Via: The Center Square:
The U.S. Congressional Budget Office said Monday the federal government has accumulated more than a trillion dollars in debt only six months into the fiscal year.
The Committee for a Responsible Federal Budget released a report pointing out that those figures amount to an average of $6 billion per day so far in fiscal year 2023.
“Our fiscal challenges will only become more difficult the longer we wait to do anything,” said Maya MacGuineas, president of the CRFB. “In just five years, the national debt will surpass its record as a share of the economy – set just after World War II, when we had no choice but to borrow to win the war. However, we’re in no such emergency now. It’s long past time that policymakers figure out a way to sustainably finance their priorities, not just add the costs to the national credit card.”
