The national debt has topped $31 trillion for the first time amid record inflation, rising interest rates, and recession fears.
It’s official. TheThe Congressional Budget Office , a U.S. federal agency that provides Congress with economic and budgetary analysis, has warned about America’s mounting debt load under the Biden administration, cautioning investors could lose confidence in the government’s ability to repay what it owes, as Breitbart NewsThose worries, the budget office said, could cause “interest rates to increase abruptly and inflation to spiral upward.
The $31 trillion threshold poses a political problem for President Biden, who has pledged to seek a more sustainable fiscal path and reduce federal budget deficits by $1 trillion over a decade. It also directly contradicts Biden’s claim in September, 2021 that his $3.5 trillion spending agenda actually cost “zero dollars” because of his sure, capable handling of taxpayer dollars.My Build Back Better Agenda costs zero dollars.
Instead of wasting money on tax breaks, loopholes, and tax evasion for big corporations and the wealthy, we can make a once-in-a-generation investment in working America.His message argued money was currently “wasted” on “tax breaks, loopholes, and tax evasion” and needed to be redistributed to American workers as directed by his office.added nearly $5 trillionThat projection includes Biden’s signature $1.
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