External Links Page
AP News- https://apnews.com/b91e66dc273756b3fab87fe89c7cf29c
- This articles presents the quantitative data behind the $2.81 trillion deficit accumulated in the first ten months of fiscal year 2020.
- This article details how the first ten months (October through July) of fiscal year 2020 broke records in the amount of money spent and the accumulated deficit by the federal government. The $5.63 trillion spent in the first ten months is a higher amount than spent by the federal government in any full fiscal year, while tax revenue in the first ten months is down from the previous year.
The Post and Courier- https://www.postandcourier.com/politics/sc-senate-policy-stakes-graham-urges-entitlement-reform-harrison-seeks-closing-loopholes/article_55a6df9e-d271-11ea-b926-a3a19fcaa888.html
- In its entirety, this article introduces the policy and platform of SC candidates for US Senate Sen. Lindsay Graham and Jamie Harrison in topics concerning the economy and public finances through a candidate questionnaire. In the first question regarding the national debt, both candidates address the $26 trillion debt as an issue and consider its path unsustainable. They then move into detailing their respective plans for dealing with the rising debt with Graham focused on budget reform and Harrison concerned with creating a fairer tax code and closing corporate tax loopholes.
Just the News- https://justthenews.com/government/congress/debt-climbs-record-27-trillion-democrats-say-its-not-time-turn-stimulus
- This article reports on how federal stimulus spending to combat the effects of coronavirus has impacted the deficit and the support for additional spending among many lawmakers.
- In this commentary piece, the author addresses how the record amount of federal income taxes collected in fiscal year 2019 were spent and the record-breaking amount spent by the federal government as well that led to the large deficit.
- This article details how the first nine months (October through June) of fiscal year 2020 broke records in the amount of money spent and the accumulated deficit by the federal government. The deficit run in the first nine months of FY-2020 was over double the previous record deficit set in the first nine months of FY-2009. On the other hand, the amount collected in taxes is declining.
Committee for a Responsible Federal Budget- http://www.crfb.org/papers/updated-budget-projections-show-fiscal-toll-covid-19-pandemic
- This report from the CRFB details new budget and deficit projections over the next few decades following the economic impact of the COVID-19 pandemic.
The Washington Post- https://www.washingtonpost.com/opinions/the-national-debt-is-out-of-control/2020/05/10/4bdac9aa-916a-11ea-9e23-6914ee410a5f_story.html
- This article highlights the large amounts of money being spent and borrowed by the federal government during the coronavirus pandemic, and suggests that President Trump is using some of this borrowed money to create a financial reserve in order to win particular voting blocs in the presidential election of 2020.
- This article reports on an interview with former US Ambassador to the UN Nikki Haley where she argues that too much of the coronavirus stimulus bill went towards aiding big businesses and others that did not need the money and aid. She stresses that the money was not spent wisely and only increased the national debt.
- This article reports that the federal debt reached $25 trillion on May 5 2020, and that the debt increased by more than $1 trillion in just under a month during part of April and May. The article also quotes statements from the US Government Accountability Office that says this current path where the debt is growing faster than the GDP is unsustainable.
CNBC- https://www.cnbc.com/2020/05/04/us-treasury-seeks-to-borrow-a-record-3-trillion-this-quarter.html
- This article informs that on May 4 2020, the Treasury Department announced that is would be borrowing $3 trillion in the 2nd quarter of fiscal 2020 in order to financially support the stimulus efforts passed by Congress. This article notes that since March 1, the national debt has grown by $1.5 trillion.
Just the News- https://justthenews.com/government/congress/arizona-rep-andy-biggs-says-national-debt-could-climb-high-30-trillion-end
- This interview with Republican Congressman Andy Biggs conveys Biggs’ concerns about the rising debt following the coronavirus and the steps that he believes need to be take in order to restart the economy. Biggs projects that by the end of September 2020, the debt will be between $28-30 trillion.
Committee for a Responsible Federal Budget- http://www.crfb.org/blogs/budget-projections-debt-will-exceed-size-economy-year
- This article projects that in fiscal year 2020 deficits will be four times larger than they were in 2019, and that in the few years following 2020 deficits will continue to be higher than projected before the coronavirus. For the first time since WW2, the article reveals that federal debt will exceed the size of the economy in fiscal year 2020 due to the coronavirus.
- The author of this opinion piece predicts huge tax increases on today’s middle class due to rising interest rates and the around $4 trillion added to the debt because of spending during coronavirus.
The Washington Post- https://www.washingtonpost.com/us-policy/2020/04/18/record-government-corporate-debt-risk-tipping-point-after-pandemic-passes/
- This article highlights the extraordinary levels of spending and rising debt during the coronavirus and considers the possible effects on a currently vulnerable economy.
- This article details the possible effects of the coronavirus on the economy and the deficit in fiscal 2020 and the years to follow, including a possible deficit in 2020 totaling almost $5 trillion.
- This article establishes how in the first five months of fiscal year 2020, there were record amounts of money collected in taxes and spent by the federal government.
Fox News- https://www.foxnews.com/politics/what-are-the-national-debts-biggest-components
- This article comments on the rising federal debt and the lack of concern about this issue among Republicans and Democrats because of the 2020 presidential election.
The New York Times- https://www.nytimes.com/2020/02/18/opinion/trump-budget.html
- The author of this opinion piece criticizes how Republicans have abandoned fiscal responsibility and are ignoring the growing deficits under President Trump.
- This article details how in the first four months of fiscal year 2020, there were record amounts of money collected in taxes and spent by the federal government.
- This article summarizes an interview with William Hoagland where he discusses how the public no longer seems to consider the debt as in issue because of the current strength of the economy and his fear that the debt will only put more pressure on future generations if we do not do anything about it now.
The Hill- https://thehill.com/policy/finance/482617-fed-chief-issues-stark-warning-to-congress-on-deficits
- This article details Federal Reserve Chairman Jerome Powell’s warning to Congress to reduce the federal budget in order to give Congress more room to assist the economy in a future recession. Powell also advises raising interest rates, because interest rates are currently so low that slashing them in the face of a recession would be unlikely to prevent an economic downturn.
Slate- https://slate.com/business/2020/01/trump-trillion-dollar-deficit-should-make-you-furious.html
- The opinion piece claims that the debt is only considered an issue when a Democrat is president, and that all Americans should be angry about how little notice the rising debt levels under President Trump receive. The author of this article also states that while he believes the debt will continue to have little impact on the US economy in the future because of how low interest rates are, we must weigh options when it comes to spending because there is always a chance it could lead to financial problems in the future.
Yahoo! Finance- https://finance.yahoo.com/news/heres-how-well-pay-for-trumps-trillion-dollar-deficits-183009760.html
- The author of this article concludes that with the national debt continuing to rise, higher taxes are inevitable. He proposes a list of five types of taxes that could help reduce the deficit.
Politico- https://www.politico.com/news/2020/01/28/federal-deficit-one-trillion-trump-107901
- This article reports, that according to the CBO, the deficit in 2020 is expected to top $1 trillion. The recent January 2020 report from the Congressional Budget Office states that the economy will level off but remain strong over the next decade while the debt will continue to grow, with an expected average deficit of $1.3 trillion over the next decade.
Breitbart- https://www.breitbart.com/economy/2020/01/28/cbo-projects-federal-debt-to-rise-to-31-4-trillion/
- This article details the recent CBO report from January 2020 and its projections about the debt over the next decade.
Conservative Review- https://www.conservativereview.com/news/horowitz-congressional-budget-office-projects-trillion-dollar-deficits-indefinitely/
- This article informs it readers that the CBO reports that deficits for the next ten years will not be below $1 trillion. The author claims that the increasing deficits ate responsible for the fact that the economy is growing slower than it should during a time of such low unemployment.
The Washington Post- https://www.washingtonpost.com/opinions/americas-debt-spree-isnt-stopping-it-might-soon-be-too-late/2020/01/26/49241ce8-3ee0-11ea-b90d-5652806c3b3a_story.html
- This article details the need for a discussion about the national debt in the 2020 election campaigns. The author notes that Americans have become accustomed to receiving the benefits of a big government while only paying for a small one, and he details possible adverse effects due to this situation.
The Week- https://theweek.com/articles/889337/paradox-trumps-trilliondollar-deficit
- The author of this article argues that while he believes deficits are bad for the economy, the high deficits during Trump’s presidency have not had much of an impact on the economy because much of the extra spending went into the pockets of the wealthy and stayed idle rather than being useful. If the government had instead used this money to employ people and resources that had previously been unused, interest rates and inflation would have gone up.
The Washington Post- https://www.washingtonpost.com/business/2020/01/14/economists-increasingly-say-its-ok-united-states-take-more-debt-right-reasons/
- This article is about the growing belief among economists that a reasonable increase in spending and public investment (in infrastructure and education) while interest rates are low would in fact benefit the economy and ensure that the United States will remain competitive.
- This article details a Monthly Treasury Statement released in January 2020 about the first three months of fiscal year 2020 (October-December 2019). The article emphasizes the fact that federal spending reached a record high for the first three months of a fiscal year (at $1,163,090,000,000) while tax collections were only the third highest (at $806,512,000,000).
Fox News- https://www.foxnews.com/politics/national-debt-congress-concern-reporters-notebook
- This article comments on the lack of interest in national debt in recent years even though the debt level has skyrocketed at the same time. The author also notes that many politicians preach about fiscal responsibility but then never do anything about it once in office.
Committee for a Responsible Federal Budget- http://www.crfb.org/blogs/our-top-fiscal-charts-2019
- This blog contains fiscal charts that present the changes in debt and budget policy throughout 2019.
- This opinion piece presents numerous possible negative impacts on the nation’s economy as a result of the rising debt, and the author claims that both Democrats and Republicans will be responsible.
The New York Times- https://www.nytimes.com/topic/subject/federal-debt-ceiling-national-debt
- This link presents the most recent New York Times articles about the federal debt ceiling and national debt.
- This article stresses the rising deficit levels during Trump’s presidency and a need for change.
Fox News- https://www.foxnews.com/politics/national-debt-disappears-as-2020-campaign-issue
- This article comments on the growing deficit and the lack of concern among major 2020 presidential candidates.
The Hill- https://thehill.com/policy/finance/475223-budget-watchdogs-howl-over-deficit-ballooning-deals
- This article details the budget deals made in December 2019 that are estimated to result in $426 billion in lost revenue over the next decade.
- This article describes former Federal Reserve Chairman Alan Greenspan’s warnings that the increasing deficits that resulted from high spending in fiscal year 2019 will further result in increased inflation and economic threats.
The Hill- https://thehill.com/opinion/finance/474667-the-federal-governments-nonstop-spending-binge-continues
- This opinion piece describes government spending and the increasing spending caps as reckless and irresponsible.
- Although the amount collected in taxes during the first two months has reached a record high, this article also reports that federal spending during these first two months was the second highest in history, resulting in a $343 billion deficit. This article also provides a further breakdown of the amount in taxes collected and how they compared to past years.
- This article details the report from the CBO in December 2019 that describes the 12% rise in deficit in the first two months of the fiscal year 2020 while revenues have increased at a rate only half as fast.
- This article claims that even though the deficit under President Trump has doubled, neither Republicans nor Democrats seem to care, and that the deficit appears to no longer be a political issue.
Conservative Review- https://www.conservativereview.com/news/spending-first-2-5-years-trump-admin-13-higher-period-obama/
- This opinion piece describes that spending during Trump’s first 2.5 years of presidency is 13% higher than Obama’s first 2.5 years of presidency. The author calls this “inexcusable,” claiming that spending should not be higher than it was in the aftermath of a recession.
Daily Caller- https://dailycaller.com/2019/11/13/jerom-powell-budget-national-debt/
- This article details Federal Reserve Chair Jerome Powell’s remarks about the rising debt in response to the data release in November 2019 that as of this month, the federal debt has reached $23 trillion. Powell also comments that high debt levels would make it more difficult for the country to recover during a a downturn in the economy.
The Hill- https://thehill.com/policy/finance/economy/470314-federal-deficit-hits-134-billion-in-one-month
- In the first month of the year 2020, the deficit has already reached $134 billion, which is 34% higher than the deficit of last October. This data shows that the size of the deficit and the gap between revenue and spending is only continuing to increase under Trump. This article also details that a growing debt will make it more difficult to combat a future recession.
Newsweek- https://www.newsweek.com/trump-deficit-debt-cbo-data-obama-1463802
- This article relates that although Trump said that he would eliminate the debt, he has instead increased the deficit by 68% since the beginning of his presidency, numbers which Obama had previously decreased by 58%.
The Hill- https://thehill.com/opinion/finance/467825-trump-assumes-obamas-mantle-as-the-king-of-debt
- This article says that the federal government needs to become more fiscally responsible and that the deficit during Trump’s presidency is on its way to exceed the debt increases under Obama. This author argues that it was not a responsible move on the government’s part to cut taxes without also cutting spending.
New York Times- https://www.nytimes.com/2019/10/28/opinion/us-budget-deficit.html
- This opinion piece asserts that the current level of federal debt is not an issue. The author notes that the deficit is at the same level that it was in 2012 when people were panicked about the deficit. He comments that the only reason people were worried about the deficit then was because a Democrat was president, and that it was not a legitimate issue then either.
- This article describes that although the amount of money in income taxes collected in 2019 set a record high, the fiscal year of 2019 still ran a high deficit because total tax revenue did not exceed its record while spending on the other hand did.
- This article describes the report from the US Treasury that says that the federal deficit from 2019 is $984 billion.
The Times and Democrat- https://thetandd.com/opinion/columnist/deep-state-to-debt-state/article_1a2ce1cd-8a52-5ba2-b1f2-432293d4f670.html
- This article discusses how the deep state has contributed to the federal debt.
- According to this article, the US Treasury Department has released that the federal debt has gone up by over $1.2 trillion in the 2019 fiscal year.
The Hill- https://thehill.com/policy/finance/464764-federal-deficit-estimated-at-984b-highest-in-seven-years
- This article informs its audience that the Congressional Budget Office at the beginning of October 2019 estimated the federal budget deficit at $984 billion this year, which is the highest it has been in 7 years. This is a 26% jump from what it was in 2018, and the article also offers reasons for this jump.
Roll Call- https://www.rollcall.com/news/whitehouse/trump-signs-two-year-spending-caps-debt-limit-package
- This article details the budget deal that Trump signed in August 2019 that increased the spending cap and and debt limit for the next two years.
Politico- https://www.politico.com/story/2019/07/30/budget-mcconnell-whip-trump-1441004
- This article describes the split in the Republican party about the August 2019 budget deal that would raise the debt ceiling for two years and increase the spending limit hundreds of billions of dollars above its previous level.
Washington Examiner- https://www.washingtonexaminer.com/opinion/op-eds/sen-david-perdue-a-no-vote-on-the-budget-deal-is-a-vote-for-more-spending
- Senator Perdue argues that voting “yes” on the August 2019 budget deal would actually decrease spending.
Washington Examiner- https://www.washingtonexaminer.com/opinion/op-eds/sen-rick-scott-debt-will-destroy-our-country-if-we-let-it
- Senator Rick Scott explains that he voted “no” on the August 2019 budget deal because the bill would allow for the accumulation of more national debt with no plans for any budget cuts to make up for the increased spending.
Wall Street Journal- https://www.wsj.com/articles/cbo-boosts-10-year-forecasts-for-budget-deficits-by-809-billion-11566399611
- This article describes the CBO report that said that the August 2019 budget deal will raise the federal budget deficit by $1.7 trillion.
Congressional Budget Office- https://www.cbo.gov/publication/55565
- This article details the CBO report on the projections of the economy and budget over the next decade which shows an increase in deficits as a result of the raised limits on spending by the August 2019 budget deal.
Newsweek- https://www.newsweek.com/republicans-rebuke-massive-trump-backed-budget-deal-measure-passes-1452139
- This article describes that 23 Republicans were not on the same side as Trump when it came to new budget deal.
Yahoo Finance- https://finance.yahoo.com/news/trump-debt-binge-puts-treasury-210000543.html
- Due to increased deficits, the Treasury has to sell bonds of debt.
The Wall Street Journal- https://www.wsj.com/articles/treasury-to-borrow-over-1-trillion-in-2019-for-second-year-in-a-row-11564428624
- This article shares how the US Treasury plans on selling over 1 trillion dollars of debt, which is not a good sign for the US economy.
- This report details a part of the interview of White House Chief of Staff, Mick Mulvaney where the Fox anchor questions Mulvaney over the deficits that are drastically increasing, even though they decreased during Obama’s tenure.
Politico- https://www.politico.com/story/2019/07/25/how-trump-shut-down-the-gop-deficit-hawks-1433475
- This article describes why they think Trump decided to agree to the new federal budget even though it would cause increased deficits.
- This article claims that the GOP is indifferent to the deficits, and this can be shown by the new federal budget.
Mother Jones- https://www.motherjones.com/kevin-drum/2019/07/the-budge-deficit-is-all-about-taxes-not-spending/
- The author of this opinion piece asserts that the cause of the deficit is a lack of revenue (taxes), and does not pertain to government spending.
- This article details Conservatives’ anger about the spending budget even though President Trump signed off on it.
The New York Times- https://www.nytimes.com/2019/07/22/us/politics/budget-deal.html
- This article describes how the new federal spending budget will increase the federal spending by $320 billion.
Los Angeles Times- https://www.latimes.com/politics/story/2019-07-22/house-democrats-and-trump-administration-close-to-deal-on-debt-ceiling
- This article reports how Congress and the White House have agreed to a higher debt ceiling and greater federal spending, which is not good news for the debt crisis.
Daily Caller- https://dailycaller.com/2019/07/18/national-debt-missing-2020-election-issue/
- This page describes how none of the candidates for the 2020 election are talking about the debt crisis, regardless of what side of the political spectrum they are.
Vox- https://www.vox.com/2019/7/20/20699119/mark-sanford-primary-challenge-trump-president-debt-2020
- This report details that Mark Sanford would possibly run for president if people bring more attention to the national debt.
- This article says that Trump has declared that, if he gets reelected in 2020, people should be aware of the big tax cuts that he plans to make.
The Post and Courier- https://www.postandcourier.com/columnists/hicks-from-appalachia-to-tallahassee-this-land-was-made-for/article_392ec370-a7f4-11e9-a2ac-635f9f21586si4.html
- This article informs the public that Marc Sanford, a former South Carolina governor, is thinking about running against President Trump in the 2020 election.
The Wall Street Journal- https://www.wsj.com/articles/u-s-budget-gap-widened-23-in-first-nine-months-of-fiscal-year-11562868054
- This article reports that the tax revenues have increased but not enough to offset higher federal spending.
- This report states that the federal government spent a record amount in June 2019.
The Hill- https://thehill.com/opinion/finance/452045-make-americas-deficits-great-again
- This article criticizes President Trump and his team for having no concern for the current financial situation.
Daily Caller- https://dailycaller.com/2019/07/02/china-sovereign-debt-bondholders-american/
- This opinion piece details how China owes the United States one trillion dollars, and the author of this opinion piece questions whether the US Treasury will fight for its money.
- This article details the CBO’s report that the debt will reach “unprecedented” levels by 2049.
FITSNews- https://www.fitsnews.com/2019/07/01/ron-paul-media-and-politicians-ignore-coming-financial-crisis/
- This article inputs Ron Paul’s opinion that the media and politicians are too focused on insignificant things instead of being concerned about the looming debt crisis.
Committee for a Responsible Federal Budget- http://www.crfb.org/press-releases/us-budget-watch-2020-will-hold-candidates-accountable-their-fiscal-promises
- This article describes how the US Budget Watch plans on fact checking the 2020 candidates on their fiscal problems.
Congressional Budget Office- https://www.cbo.gov/topics/budget
- This page has many articles detailing the different issues of the federal budget.
The Wall Street Journal- https://www.wsj.com/articles/u-s-budget-deficit-grew-39-in-first-eight-months-of-fiscal-year-11560362539
- This article describes how the US budget deficit increased by nearly 40 percent in the first eight month of the fiscal year despite the fact that the tax revenue continued to rise.
- This page describes how the CBO predicts, at this current rate, that the debt level will be unsustainable in 30 years.
Peter G. Peterson Foundation- https://www.pgpf.org/the-current-federal-budget-deficit
- This article details the different trends of the deficits for the month of June 2019, and the trends are not promising to the USA’s debt crisis.
- This article describes how the CBO has predicted that if the United States continues spending at the rate it is now, then the debt will be double the amount of the GDP, which would make the debt historically the highest it has ever been in terms of percent of GDP.
Fix the Debt- https://fixthedebt.org/long-term-budget-outlook
- This page describes how, if the debt crisis is not addressed soon, then there will be major problems in the economy and for the future.
- This article details how Trump and Republican Congressmen and Congresswomen have failed to reach an agreement on a reasonable spending budget. Without an eventual compromise, another government shutdown could happen, there could be large federal spending cuts, and the economy could tank.
FITS News- https://www.fitsnews.com/2019/06/13/gop-failure-to-rein-in-red-ink-has-consequences/
- This article describes how Trump and the GOP are failing to take care of the debt and failing to realize that the debt has consequences. This article also acknowledges that spending has gone up.
France 24- https://www.france24.com/en/20190616-american-paradox-deficit-widens-even-economy-grows
- This article describes how it is ironic that as America’s economy grows, the deficit grows even more. This article also points out how Trump promised to decrease the amount in deficits, but he has failed to do so.
- This article details how the deficit in May surged to be over 42 percent higher than the debt of last year.
- This report describes how there is record spending in the history of the United States, further contributing to the national debt. The spending reached over $3 trillion in the first 8 months of the fiscal year.
- This website gives a weekly update of the tax and debt problems.
Roll Call- http://www.rollcall.com/news/trillion-dollar-problem-deserves-bipartisan-attention
- In this article, there is the call for greater attention to the fact that yearly deficits are increasing to over a trillion and that the national debt is projected to grow faster than our economy for forever.
The Daily Nonpareil- https://www.nonpareilonline.com/opinion/iowa_views/iowa-views-debt-and-deficit-problem-traces-to-u-s/article_671e984b-11fb-5e11-a8de-052f5c7138f9.html
- In this opinion piece, the author is placing the blame of the growing deficit and debt on voters.
Axios- https://www.axios.com/federal-budget-deficit-trump-obama-f11a2d59-56cb-4932-a60b-6ed152a670a8.html
- This article displays a trend that since Ronald Reagan’s presidency, the Republican presidents have made the federal deficits worse, while the Democratic presidents have made the federal deficits better; Trump seems to be following this trend too.
CNN Politics- https://www.cnn.com/2019/05/11/politics/congress-debt-ceiling/index.html
- This article describes how the national debt is a big problem that no one in Washington D.C. seems to know how to fix.
Committee for a Responsible Budget- http://www.crfb.org/papers/why-should-we-worry-about-national-debt
- This article describes why we should worry about the national debt, and it lists the effects of a high and rising national debt.
- This article describes that of the people who filed for tax returns, one-third of them paid 0 dollars or less for income taxes.
The Hill- https://thehill.com/opinion/finance/438830-tax-day-trauma-paying-for-our-massive-national-debt
- This opinion piece describes that with tax day, the stress of the national debt has been reintroduced. In addition, this article claims that the interest for repaying the national debt will eventually cost more than Medicaid.
- This article recounts how federal spending has reached a 10-year high, while federal taxes have reached a 5-year low, which is the worst possible situation for the deficit.
CNN Politics- https://www.cnn.com/2019/04/11/politics/budget-deficit-trump-administration/index.html
- This article enumerates the different developments of the growing debt, including that the federal deficits are 15% higher and that projections for this year’s federal deficit are very high.
Yahoo Finance- https://sg.finance.yahoo.com/news/us-budget-deficit-running-15-180035523.html
- This article describes how the federal deficits of the year are 15% higher than those of the year before.
- This article describes how President Trump has done a bad job with the deficits, and there needs to be a change in how the government manages debt.
Washington Post- https://www.huffpost.com/entry/record-february-budget-deficit-trump_n_5c96cc00e4b01ebeef103d01
- This article describes how the US recently posted the highest monthly budget deficit in history, despite the fact that President Trump had promised that by him being president there would be a balanced budget by the time he leaves office.
- This article describes how the US recently posted the highest monthly budget deficit this February, which is very concering for the future of our economy.
Tax Foundation- https://taxfoundation.org/growing-percentage-americans-zero-income-tax-liability/
- This article describes how the number of people not paying taxes has continued increasing since the 1950s.
AP News- https://apnews.com/8f06239173134b3a9da1e1572f4ff10e
- This article makes the claim that under President Trump, the federal debt is increasing, but lawmakers in Washington are doing nothing about it.
Yahoo Finance- https://finance.yahoo.com/news/us-budget-deficit-77-percent-191532540.html
- This article describes how the budget deficit is 77% higher than the same time period from last year, 2018, and the article accounts the reasons for why this is so.
- This opinion piece describes how neither side of the political spectrum is addressing the national debt. For example, the Republicans are calling for tax cuts, while the Democrats are calling for increased governmental spending. Both of these do nothing to stop the increase in debt. Instead, they increase the debt by a larger factor.
Yahoo News- https://news.yahoo.com/us-debt-hits-record-under-trump-republicans-mum-020620122.html
- This article describes how the debt has hit a record $22 trillion under Trump’s administration and the Republican Congress. This articles enumerates the different financial situations with different aspects of the debt.
The Wall Street Journal- https://www.wsj.com/articles/worrying-about-deficits-falls-out-of-style-11550503956
- This article describes how it is no longer popular to talk about federal deficits, suggesting that the government is trying to avoid or is simply ignoring the urgency of the federal deficits.
National Post- https://nationalpost.com/news/the-utterly-unbelievable-scale-of-u-s-debt-right-now
- This article describes how the growing debt is getting out of control and how the ratio of the debt to the GDP is eventually going to be higher than its ever been since World War II.
Conservative Review- https://www.conservativereview.com/news/bipartisan-spending-binge-now-worse-bush-obama/
- The author of this article claims that the sole cause of the increasing debt is the amount of government spending. Thus, the author takes a conservative stand point towards the debt.
- This article describes how in the calendar year 2018, there was a record amount of money collected from individual income taxes.
- This article reports that the debt has gone up to 22 trillion dollars due to President Trump’s tax cuts and increased congressional spending.
The Post and Courier- https://www.postandcourier.com/opinion/commentary/as-a-candidate-schultz-could-draw-attention-to-debt/article_9d2b993a-28aa-11e9-937f-6f73ee0e04a0.html
- This article describes how if Schultz runs for president he could possibly bring up the importance of finding a plan to contain the debt and deficits.
Bloomberg Quint- https://www.bloombergquint.com/politics/another-year-another-1-trillion-in-new-debt-for-u-s-to-raise#gs.J09E2o5
- This article details the U.S. Treasury’s plans of borrowing 1 trillion dollars in an attempt to take care of the debt.
CNN Politics- https://www.cnn.com/2019/01/13/politics/debt-spending-mmt/index.html
- This report shows the point of view of some politicians who believe that the national debt does not matter, and therefore believe that the federal government should spend more money.
- This article describes how Jerome Powell, the Federal Reserve Chairman, describes in an interview why he is concerned about the increasing debt.
- This article details the fact that for the eight years that the Republicans have maintained a hold on the House, the United States debt increased by 7.9 trillion dollars.
- This article describes how the annual interest that tax payers pay on the debt will be higher than the $700 billion dollars spent on military defense.
- This article reports that the debt went up by 1.37 trillion dollars from Dec. 25, 2017 to Dec. 24, 2018.
Bloomberg Quint- https://www.bloombergquint.com/politics/paul-ryan-s-legacy-of-debt#gs.xwX45JQ
- This article describes how Paul Ryan is leaving Congress with a track record of large debts and deficits.
CNN- https://www.cnn.com/2018/12/18/opinions/worst-kept-secret-in-washington-opinion-farrar/index.html
- In this opinion piece, the author claims that earmarks are about to come back after its ban eight years ago. Earmarks allow people in Congress to direct federal spending to their districts.
FITSNews- https://www.fitsnews.com/2018/12/17/red-ink-alert-federal-deficits-are-skyrocketing/
- This article reports the fact that deficits are rapidly increasing and how the Democrats and Republicans blame each other for the growing deficits.
Politico- https://www.politico.com/story/2018/12/13/cbos-big-ideas-for-shrinking-the-deficit-1031646
- This article lists the different options that the Congressional Budget Office has come up with in order to decrease the deficits, including creating new taxes and decreasing Medicare spending.
- This article describes how the government collected a record amount of money in taxes for the first two months of the 2019 fiscal year; however, the deficits were still high due to extreme government spending.
Investor’s Business Daily- https://www.investors.com/politics/editorials/deficit-tax-revenues-cbo-report/
- This article declares that the deficits of the fiscal year 2019 have not increased by that much and that the only reason it seems that way is because of changes to the calendar of spending. In addition, this article emphasizes that tax revenue has increased by a significant amount.
- This article claims that in the first two months of the fiscal year 2019, the budget deficits have been 50 percent higher than the budget deficits of the previous year.
- This article asserts the opinion that President Trump has been ignoring the national debt and growing deficits.
- In this article, the author describes how President Trump suggests that the national debt be taken care of; he suggests that there is a cut in deficit spending, which would include reductions on military spending.
- This opinion piece discusses the idea that the Pentagon is continually ignoring the growing national debt by having unreasonable spending budgets.
- In this opinion piece, the author attributes the growing national debt to government spending and its programs, including Medicare, Medicaid, and Social Security.
- This article describes how the government was able to collect a record amount of money in taxes, but there was still a massive deficit due to government spending.
- This article acknowledges that there was a record value of money collected from income tax, but the deficits are still high; this suggests that the government still spends too much money.
The Hill- https://thehill.com/business-a-lobbying/414150-trump-vows-to-pay-down-exploding-debt
- This article questions Donald Trump’s claims that he would pay off the US debt. In addition, the author states that Trump’s claim that he will be able to pay off all of the debt is implausible.
- This article claims that the additional budget deficit was due to Trump’s recent corporate tax cut.
- In this article, Janet Yellen, who is the chair of the Federal Reserve, says that she would raise taxes if she could because the debt situation is most likely only going to get worse.
- This articles shares its opinion that it is very likely that Congress will not develop a solution to solve the growing deficits each year.
The Washington Post- https://www.washingtonpost.com/opinions/the-hidden-costs-of-the-gops-deficit-two-step/2018/10/21/2dfda0f4-d3c2-11e8-8c22-fa2ef74bd6d6_story.html?noredirect=on&utm_term=.ea728716e50d
- The author of this article strongly attacks the GOP because he believes that the GOP is increasing inequalities in terms of income and believes that the GOP is not doing anything to help decrease the deficits.
CNN Politics- https://www.cnn.com/2018/10/17/politics/paul-ryan-deficits-debt/index.html
- In this article, the author claims that Republicans have acted hypocritically in terms of the way that they criticized the Democrats for not taking care of the national debt, but the Republicans recently have not either.
- This article explains how Congress recently passed a bill to cut taxes and a bill showing how much money they spend.
- This article deeply criticizes Republicans because the author believes that Republicans have acted carelessly in terms of handling the deficits and have deemed the deficits as unimportant.
- This article describes how the deficit increased to $779 billion in 2018, which is the highest it has been in six years.
The Hill- https://thehill.com/policy/finance/411215-disasters-become-big-chunk-of-us-deficit
- This report shows how the government spending due to natural disasters, such as Hurricane Michael, has caused an increase in deficit , but that these are inevitable disasters.
CNN Business- https://www.cnn.com/2018/10/15/economy/us-budget-deficit/index.html
- This article shows how the government spending has gone up by a significant amount this year.
Politico- https://www.politico.com/newsletters/morning-tax/2018/10/12/the-deficit-blame-game-371799
- This article discusses how many people are blaming different things for the growing deficit. Some people blame it on the tax cuts while others blame it on the increasing spending on military.
Los Angeles Times- http://articles.latimes.com/1995-03-03/news/mn-38285_1_balanced-budget-amendment
- This page explains how in 1995 the Democrats blocked a constitutional amendment pertaining to a balanced budget that the Republicans wanted.
Sean Hannity- https://www.hannity.com/media-room/great-again-us-treasury-rakes-in-record-tax-haul-in-2018/
- This article alludes to Trump’s phrase, “Make America Great Again,” by saying that the government was successful in the most recent year by collecting record amount of tax money.
- This article acknowledges that there was a record value of money collected from income tax, but that the deficits are still high; this suggests that the government still spends too much money
The New York Times- https://www.nytimes.com/2018/09/25/business/economy/us-government-debt-interest.html
- This article shows how dire the debt crisis is because Congress will eventually spend more on debt interest than military, Medicare, and other governmental programs.
The Hill- http://thehill.com/homenews/house/402680-top-gop-lawmaker-tax-cuts-will-lower-projected-deficit
- This article weighs on the incongruence of one of the GOP senator's statement that decreased taxes will lower the deficit.
- This piece shows how Trump's recent tax cuts have increased the amount of the deficits significantly.
- This article refutes Trump's idea that the debt can be cut down by tariffs.
Committee for a Responsible Federal Budget- http://www.crfb.org/papers/cbos-2018-long-term-budget-outlook
- This page describes how the debt can cause the economy to double in size in the next 30 years.
Post and Courier- https://www.postandcourier.com/politics/sc-s-mick-mulvaney-rises-in-trump-s-washington-despite/article_d56957b4-8e9b-11e8-818b-6bd4c2c521f1.html
- This piece describes how two of the SC representatives have had minor success in trying to push their agenda to lower the debt during Trump's rule.
The Washington Post- https://www.washingtonpost.com/business/2018/08/05/trump-makes-bizarre-claim-that-tariffs-will-help-pay-down-massive-us-debt/?noredirect=on&utm_term=.e2ca1946de62
- This page asserts that Trump’s claims that tariffs can reduce the nation debt are outlandish.
Congressional Budget Office- https://www.cbo.gov/system/files?file=2018-08/54339-MBR.pd
- This page shows the monthly budget review of how the budget was supposed to be spent in July.
Committee for a Responsible Federal Budget- http://www.crfb.org/papers/cbos-alternative-long-term-budget-scenarios
- This page shows predictions of where the debt and how the debt might expand in the future.
- This opinionated piece shows the writer's perception that debt will become a more pressing issue in the future.
The Washington Post- https://www.washingtonpost.com/news/politics/wp/2018/07/25/when-paul-ryan-leaves-government-the-federal-deficit-will-be-1-2-trillion-higher-than-when-he-arrived/?utm_term=.a97f4f0db1c5
- This article shows how much the debt has increased since Paul Ryan’s tenure in Congress.
The Western Journal- https://www.westernjournal.com/washington-spending-restraint-is-key-to-tax-reforms-success/
-This article declares that the key for success in Trump's tax reform is reduced spending by Congress.
- This article shows how revenue from taxes is still increasing, but the deficit is still high.
Politico- https://www.politico.com/newsletters/morning-tax/2018/06/27/here-we-go-again-265172
- This article describes that the debt situation will only continue to worsen over the next few years.
The Washington Post- https://www.washingtonpost.com/blogs/right-turn/wp/2018/06/26/paul-ryans-legacy-gallons-of-red-ink/?utm_term=.ca1df1ce134e
- This article shows how the current situation of the debt does not look good and shows that a large number of debt is held by US citizens.
CBS News- https://www.cbsnews.com/news/national-debt-at-highest-level-since-after-wwii/?ftag=CNM-00-10aac3a
-In this article, the author describes how the current debt is at its highest level since World War 2 in terms of what percent the debt is of the GDP.
- This report describes the opinion of Howard Schultz, who believes that the biggest domestic threat at the moment is the national debt. However, at the same time Schultz also believes that the economy, at the moment, is strong.
Roll Call- https://www.rollcall.com/news/policy/cbo-us-debt-burden-set-to-break-record-in-early-2030s
-This article describes how the debt is increasing in terms of its percentage of the GDP and how the debt will eventually be more than the GDP by the late 2020s or early 2030s.
Congressional Budget Office- https://www.cbo.gov/system/files/115th-congress-2017-2018/reports/53919-2018ltbo.pdf
-This page shows how the CBO predicts the cost of federal credit programs.
CBS News- https://www.cbsnews.com/news/national-debt-at-highest-level-since-after-wwii/?ftag=CNM-00-10aac3a
- In this article, the author describes how the current debt levels are at their highest level since World War 2 in terms of what percent the debt is of the GDP.
Committee for a Responsible Federal Budget- http://www.crfb.org/press-releases/committee-responsible-federal-budget-reacts-house-budget-resolution
-This article reacts to the House's Budget Resolution.
Committee for a Responsible Federal Budget- http://www.crfb.org/papers/analysis-2018-medicare-trustees-report
-This report analyzes the report that was released about Medicare in 2018.
Committee for a Responsible Federal Budget- http://www.crfb.org/papers/analysis-2018-social-security-trustees-report
-This report analyzes the report that was released about Social Security in 2018.
The Washington Times- https://www.washingtontimes.com/news/2018/may/7/cbo-says-april-was-best-month-history-us-budget/
-This article shows how the US did well this year with how much money it collected in taxes.
GoUpstate.com- http://www.goupstate.com/opinion/20180509/mcardle-rich-cant-fund-everything
-This article describes the author’s belief that the idea that rich people can fund many of the social programs is unrealistic.
- In this article, the U.S. Treasury Secretary states that he is not worried about how the U.S. has borrowed a record amount of money in the first quarter of the fiscal year.
Congressional Box Office- https://www.cbo.gov/publication/53787
- This article shows how the taxes collected in 2017 affected the CBO’s predictions about the debt/deficit.
The Wall Street Journal- https://www.wsj.com/articles/growing-concern-foreign-investors-lose-some-hunger-for-u-s-debt-1525080601
- This article shows how foreigners are losing interest in buying the U.S. federal debt.
Post and Courier- https://www.postandcourier.com/politics/ron-paul-america-s-addiction-to-deficit-spending-more-troublesome/article_093847b6-4be0-11e8-9d90-93810cf1d31f.html
- In this article, Ron Paul states that Americans and Congress are addicted to spending money that they do not have.
-This article claims that by 2022, the US government will have to pay off interest on its debt that is as high as how much the government pays for the Pentagon.
The Post and Courier- https://www.postandcourier.com/opinion/commentary/on-tax-day-it-s-the-payers-vs-the-takers/article_da5e65de-41a7-11e8-8938-8f8dddef351d.html
-This article's authors describe how not everyone pays on tax day and that some of those people who do not pay get social benefits from the government since they are poor.
The Hill- http://thehill.com/homenews/house/383256-ryan-trillion-dollar-deficits-were-inevitable
-This article states the opinion of Paul Ryan that the massive deficits cannot be avoided.
-This article gives an overview of how Trump and Congress are expanding the national debt, and how the federal debt can grow over the next decade.
-This article recounts Former Speaker of the House, John Boehner's opinion that the most important issue in Congress will be the deficits every year.
Los Angeles Times- http://www.latimes.com/politics/la-na-pol-balanced-budget-amendment-20180412-story.html
-This article describes how, on April 12, 2018, the balanced budget amendment failed to pass in the House.
-This article describes how the federal government has collected a record amount of income tax in 2018 so far, but that the federal government still has a large amount of deficit for 2018.
Business Insider- https://www.businessinsider.com.au/global-debt-levels-record-high-iif-2018-4
-This article describes how many different countries in the world are reaching record debt levels.
Politico- https://www.politico.com/story/2018/04/10/budget-hypocrisy-conservatives-republicans-512463
-This article describes how both liberals and conservative are becoming frustrated with Congress's spending, which is one of the issues that unifies both liberals and conservatives.
The Washington Post- https://www.washingtonpost.com/business/economy/deficit-to-top-1-trillion-per-year-by-2020-cbo-says/2018/04/09/93c331d4-3c0e-11e8-a7d1-e4efec6389f0_story.html?utm_term=.20367af0de84
-This article explains that the CBO predicts that by 2020 the annual deficits will be over 1 trillion dollars.
-This article explores one of the main reasons for why teachers' pay is lower and why teachers are striking. The government does not have enough money to give to both teachers and the numerous amount of elderly, so they have to cut the salaries for teachers.
The Hill- http://thehill.com/policy/finance/382033-deficit-nears-600-billion-in-first-half-of-2018
-This article describes how the federal deficit of 2018 so far is much greater than previous years. At the same time last year, the federal deficit was 78 billion dollars less.
The Wall Street Journal- https://www.wsj.com/articles/top-20-of-americans-will-pay-87-of-income-tax-1523007001
-This article describes how Americans who are in the top 20% for income pay a substantial amount of the income taxes that the government receives. The article also shows how progressive our American tax system is.
Committee for a Responsible Federal Budget- http://www.crfb.org/press-releases/spending-deal-sets-dangerous-precedent
-This page shows a statement that the president of the Committee for a Responsible Federal Budget wrote about how Congress needs to be more careful with American citizens' money instead of just spending it all.
-This article describes how the U.S. has acquired another trillion dollars of debt very quickly compared to the rate in previous years.
Congressional Budget Office- https://www.cbo.gov/
-The CBO is the government agency tasked with providing reliable information to Congress on topics related to the budget.
National Debt of the United States Wikipedia- https://en.wikipedia.org/wiki/National_debt_of_the_United_States
-Wikipedia gives an overview of the national debt and lists many sources that provide detailed information about the debt and the budget.
National Debt Clock- http://usdebtclock.org
-This website provides a continuous and current update on national debt of the United States.
Time Magazine- http://time.com/4214269/us-national-debt/
-This article gives a summary on the effect the national debt has. It provides opinions on the impact the debt has had and how it will impact the country in the future.
Committee for a Responsible Federal Budget- http://www.crfb.org/papers/year-end-debt-dilemma
-This article shows how current policy will affect the national debt. It explains how the American government is continuing to introduce expensive programs and cut spending, leading to an inevitable rise in debt.
The Balance (Current U.S. Federal Budget Deficit)- https://www.thebalance.com/current-u-s-federal-budget-deficit-3305783
-This article touches on the current budget deficit and gives simple explanations for what causes our government to spend more than it collects in revenue.
US Government Debt Charts- https://www.usgovernmentdebt.us/
-This website shows easy to read graphs of the United States Federal debt. Along with these are graphs of State held debt and locally held debt.
The National Debt Explained- https://www.investopedia.com/updates/usa-national-debt/
-This website gives a brief history of the national debt and helps to explain the problem in language that is easy to understand. It explains the difference between the debt and a deficit, and it gives examples of ways we try to combat the problem.
Economics Concepts on National Debt Burden- http://economicsconcepts.com/burden_of_national_debt.htm
-This article talks about interest rates, why they are raised and lowered, and how they relate to the rising debt and its interest payments.
Center on Budget and Policy Priorities- https://www.cbpp.org/research/policy-basics-introduction-to-the-federal-budget-process
-This article provides a step by step procedure of how our government works to form a budget. It also touches on how they work to enforce the terms mentioned in a budget resolution.
-This is a slightly opinionated piece explaining why the debt will continue to rise. It talks about our deficit problem and the consequences this will have in the future.
36 Months in the Future- http://fortune.com/2017/09/22/united-states-budget-deficit/
-This article speaks of how, in just 3 years, America will face a 1 trillion dollar budget deficit. It questions the lack of concern that the American people have for this massive problem.
Office of Management and Budget- https://www.whitehouse.gov/omb/historical-tables/
-This site provides historical tables of current and past budgets with summaries of receipts and outlays, along with overall surpluses or deficits.
Government Accountability Office- https://www.gao.gov/financial_pdfs/citizensguide2008.pdf
-This article explains both the costs of running the American government and the ways in which it collects its revenue. It also criticizes the “unsustainable path” that our debt is headed towards.
Congressional Research Service- https://fas.org/sgp/crs/misc/RS22331.pdf
-This provides detailed information about who owns America's debt. It also states many possible concerns that arise from foreign nations holding a large portion of our government debt.
Government Accountability Office- https://www.gao.gov/fiscal_outlook/overview
-This article explains the actions that are needed to be taken in order to combat the rising national debt. The Government Accountability Office is tasked with overseeing the operations of executive agencies and programs.
Centre for Economic Policy Research- https://cepr.org/sites/default/files/policy_insights/PolicyInsight62.pdf
-This opinionated piece offers ideas on how to stimulate an economy without increasing debt. Though the article uses many examples from countries other than America, it provides a good idea of steps that can be taken to avoid a massive pile up of debt.
Bureau of Economic Analysis- https://www.bea.gov/national/index.htm#gdp
-This site provides a large compilation of information regarding personal incomes and outlays, gross domestic product, corporate profits, and current government receipts and expenditures.
ProPublica- https://www.propublica.org/article/national-debt-trump
- This article claims that President Donald Trump was responsible for raising the National debt by almost $7.8 trillion that will continue to impact future generations.
Los Angeles Times- https://apple.news/A1gIx5g1IQsOcdw5PXyVmPQ
-This article presents the argument that several unusual worldly events over the last few decades such as a terrorist attack, financial crises, and a global pandemic have contributed to a massive increase in the National debt. Goldberg claims that increased taxation would help decrease the national debt.
FEE- https://apple.news/Aal64YxIOOGCoLPXE16te2w
-This website shows many different charts that demonstrate how the National debt is going to continue to increase if the federal government doesn't start making better spending decisions.
-The US Government collected a record $4,045,979,000,000 in taxes in fiscal 2021 but federal government spending exceeded the amount collected when adjusted for inflation. This was the second highest deficit in the nation’s history following 2020.
reason- https://reason.com/2021/11/11/inflation-will-make-government-budget-problems-worse/
-Rising inflation could lead to higher interest rates. Higher interest rates will increase the cost for the government to service its increasing debt.
-For the first two months of fiscal 2022 the federal government spent 356,390,000,000 more than it collected in taxes. The government collected 565,135,000,000 in total taxes for the first two months. This is the most the government has ever collected in the first two months of the year. Fiscal 2021 holds the record for the most government spending in the first two months of any year, when adjusted for inflation.
Reason.com- https://reason.com/2021/12/30/americas-huge-pile-of-national-debt-makes-combating-inflation-more-difficult/
-The Federal Government has a dilemma. If the Federal reserve increases interest rates in an attempt to decrease inflation, the borrowing cost will go up significantly. In future years as the costs of social security, medicare, and medicaid, go up, there will be less money available to pay the interest on the debt. This could result in the need for significantly higher taxes.
-The Federal Government collected the largest amount of taxes ever in the first quarter of fiscal 2022. They took in over one trillion dollars over a 3 month period of time. Although that was the highest amount ever collected, they still spent 1.5 trillion.
- America's National debt has finally reached $30 trillion. The Federal Government had to borrow a lot of money during the pandemic which caused the debt to increase significantly.
CNN- https://www.cnn.com/2022/02/01/economy/national-debt-30-trillion/index.html
- Interest rates are projected to continue to rise in the future years, which is going to make the debt more difficult to pay back. Both political parties continue to disagree about the debt which is only going to make finding a solution more difficult.
cnsnews- https://www.cnsnews.com/commentary/terence-p-jeffrey/debt-2-trillion-1-year-biden
- When Biden entered office the first thing he did was push for a $1.86 trillion dollar Covid-19 aid package to be passed. This will effect the National Debt in the long run.
-U.S. Senator Lindsey Graham wants to pass a proposal amendment to the US Constitution that requires a balanced Federal budget. He wants to do this to stop the Federal Government from over spending since its making the debt worse.
crfb.org-ww https://w.crfb.org/press-releases/coalition-calls-attention-lack-fiscal-responsibility
- The Fiscal State of the Nation Resolution is a plan that is being considered in order to help the National Debt by creating more transparency about it.
The Washington Post- https://www.washingtonpost.com/us-policy/2022/02/23/rick-scott-campaign-plan/
-Senator Rick Scott proposed an ll point plan to help America. He was trying to resolve the National Debt issue, so he proposed a plan that every American should have to pay Federal income taxes. He received a lot of backlash for this.
The Wall Street Journal- https://www.wsj.com/articles/u-s-government-recorded-119-billion-budget-surplus-its-first-since-before-pandemic-11644519768
-The pandemic has caused the debt to be a lot worse because of all the spending that had to be done during it. Although the pandemic spendings have gone down, the government still has a lot of money they have to pay. One example is the payroll taxes that employers were exempted from during the pandemic.
cnsnews.com- https://www.cnsnews.com/article/washington/terence-p-jeffrey/1516952000000-federal-tax-collections-set-record-through
-The federal government collected a record of $1,516,952,000,000 in taxes in 2022. Although the government was collecting a lot of taxes they were spent $1,775,947,000,000 which caused there to be a deficit of $258,995,000,000.
AP News- https://apnews.com/article/biden-business-national-debt-37aed6b8475ba3f404529aba17bb4e7a
-Biden Discusses how he is going to work to lower the deficit. There is some controversy regarding this because some people think he is not going to actually make a beneficial change and that the deficit is just going down because Corona is over.
CNN- https://www.cnn.com/2022/05/09/politics/fact-check-biden-deficit-reduction/index.html
- People in congress are discussing how the deficit has decreased, but not as much as they expected it to under Biden.
- The Federal Government is taking in the most amount of taxes that they ever have, but still spending more than they ever have also.
- This years federal spending in the first 8 months of the fiscal year is the most money they have ever spent in the first 8 months, other than the year of 2020.
- The House of Representatives is starting to set $1.6 trillion appropriation bills for fiscal year 2023 but yet they are not considering a budget while doing all of this, which will hurt the National Debt. This website contains an interactive Debt Fixer which can be used to help you budget and make sure your economic choices are helping the National Debt at the same time.
-The federal government collected a record amount of taxes in the first nine months of fiscal year 2022 but the federal government also spent more than this amount of taxes. The Health Department and Human Services spent the most money out of all the Federal departments.
-The federal government collected the most amount of taxes that they ever had in fiscal year 2022, yet they still spent more than they had and it was the fourth year they’ve spent over 1 trillion dollars in deficit.
crfb.org- https://www.crfb.org/blogs/new-projection-federal-debt-will-reach-record-levels-sooner-expected
-By 2032 our national debt and interest rates are predicted to be extremely high, which will very much hurt the economy if we don’t try to fix it soon.
WSJ- https://www.wsj.com/articles/federal-deficit-widened-to-a-record-249-billion-last-month-11670871622
-In November the monthly federal deficit was the most it’s ever been, reaching $249 billion. The federal government also spent a record high amount last month of $501 billion and tax revenue dropped $29 billion.
crfb.org- https://www.crfb.org/blogs/22-top-fiscal-charts-2022
-Here are some of the most important fiscal charts from 2022.
Newsweek- https://apple.news/ASEicRRwnR6OFtU1TrkSUdQ
-The national debt rose about 7 trillion dollars during Trump’s presidency, due to the pandemic.
Newsweek- https://www.newsweek.com/kevin-mccarthy-fact-checked-trumps-massive-addition-national-debt-1777363
-When Kevin McCarthy was asked about the national debt, he discussed how the democrats had contributed to it going up but Brennan responded saying how Trump was also a big part of this increase. A political analyst Craig Agranoff discusses how Democrats and Republicans need to come together to solve the issue and stop blaming each other.
The Washington Post- https://www.washingtonpost.com/opinions/2023/02/10/chip-roy-on-restraining-federal-spending/
-Representative Chip Roy discusses how he would help lower the debt. He also talks about how if the debt continues to rise like it has, in 60 years it will be around $1.5 quadrillion.
cnn- https://www.cnn.com/2023/02/14/politics/interest-payments-federal-debt/index.html
-The interest rates on the debt have had a big increase over the years. These high interest rates make it difficult for the government to fund the important organizations they need to.
Wall Street Journal - https://www.wsj.com/politics/policy/will-debt-sink-the-american-empire-8459096b?mod=RSSMSN
-This article discusses how the national debt amount is nearing equal the GDP, and how in the past, that has not been proven to work for other nations.
Wall Street Journal - https://www.wsj.com/articles/the-debt-crisis-is-coming-entitlements-taxation-policy-08e9df9f
-Over the past century, the debt crisis has become more and more of a prevalent problem in society. Here’s how we can protect from it.