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Spending Addiction

All articles tagged with #spending addiction

economy2 years ago•1 min saved

The Growing Burden of US Debt: A Looming Crisis for Future Generations

The US government has added over $524.7 billion to its debt in just three weeks, bringing the total debt to $33.5133 trillion. Senator Cynthia Lummis warns that the country's spending craze could lead to a debt death spiral that will burden future generations. Billionaire Ray Dalio also predicts a fiscal crisis in the US, emphasizing the importance of monitoring the supply-demand issue. The federal government currently pays $909.5 billion in interest on its outstanding public debt per quarter.

via The Daily Hodl|

#debt-death-spiral #economy #fiscal-crisis

politics2 years ago•5 min saved

Biden and McCarthy's Meeting on Debt Ceiling: A Race Against Time.

President Joe Biden and House Speaker Kevin McCarthy are set to meet at the White House to strike a budget compromise and raise the nation’s borrowing limit in time to avert a potentially chaotic federal default. Negotiators for the White House arrived Monday back at the Capitol for talks ahead of the afternoon meeting between the Democratic president and the new Republican speaker that will be critical as they race to prevent a looming debt crisis as soon as next week. McCarthy blamed Biden for having refused to engage earlier on annual federal spending, a separate issue but linked to the nation’s debt.

via The Associated Press|

#biden #budget-compromise #debt-ceiling