Federal Government Borrows $1.9 Trillion in Fiscal Year 2024 Amid Spending Concerns
By Brett Rowland (The Center Square)
The federal government has borrowed $1.9 trillion in the first eleven months of fiscal year 2024, with $380 billion borrowed in August alone. These borrowing figures, as reported in the latest Monthly Treasury Statement from the Treasury Department, have raised concerns among federal watchdogs about excessive spending.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, highlighted that approximately $6 billion is being borrowed per day in this fiscal year, emphasizing the urgent need to address the country’s fiscal challenges.
She pointed out upcoming critical financial decisions that the government must face, including extending tax cuts, raising the debt ceiling, and addressing spending caps. MacGuineas stressed the importance of formulating a plan to tackle the rising national debt and deficits, urging former President Donald Trump and Vice President Kamala Harris to prioritize these issues.
The Government Accountability Office (GAO) has also issued warnings about the unsustainable long-term fiscal path of the federal government. The GAO’s report indicated that current spending levels are not sustainable in the long term and emphasized the need for comprehensive action to address both spending and revenue issues.
U.S. Comptroller General Gene Dodaro echoed the call for Congress and the administration to take immediate steps to steer the nation away from its current fiscal course, which could jeopardize the economy and the well-being of the American people if left unchecked.
As the nation grapples with mounting debt and fiscal challenges, it is imperative for policymakers to develop a cohesive and responsible budget plan to ensure the country’s financial stability and economic prosperity in the years to come.
Syndicated with permission from The Center Square.
