US national debt reaches record high $34 trillion The first increase occurred in early January, just over three months after it surpassed $33 trillion, according to data released by the U.S. Treasury Department.
Congress ignores spending deadlines
3 times Since the end of September, the government has struggled to figure out how to fund the government amid tensions over its ballooning national debt.
Chairman of the Federal Reserve System
Jerome Powell In an interview on “60 Minutes” Scott Pelley said the nation’s debt is “growing faster than the economy.”
“So,
That’s unsustainable.I don’t think that’s debatable at all” Powell said in response to a question about whether the national debt is dangerous to the economy.
President Biden and House Republicans clashed last spring over borrowing limits, ultimately averting a crisis just days before the U.S. defaulted on its debt. However, Fitch Ratings downgraded the US credit rating from “AAA” to “AA+” in August. burden increases national debt and Repeated partisan conflicts The loan amount has been exceeded.
Despite the Fed chairman’s long-term concerns about the nation’s debt, members of the central bank’s rate-setting committee believe “the economy is in good shape,” he said.
The economy is grow rapidlyAccording to the latest data released by the Department of Commerce’s Bureau of Economic Analysis, the annualized growth rate will be 3.3% in the fourth quarter of 2023.
According to the latest consumer price index, the inflation rate has also fallen significantly from a peak of 9% in summer 2022 to 3.4% in December. The Fed raised interest rates from near zero in March 2022 to a range of 5.25% to 5.5% in June 2023, then left them unchanged at subsequent meetings.
The Hill’s Taylor Giorno takes it away here.
