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 @SimilarCabinetNewsDaily DiscussionSocial Securityinterest ratesMedicaidFederal GovernmentdebtBenefits•••1yr ago

US borrowed $1.2 trillion in past 8 months

The federal government has borrowed roughly $1.2 trillion in the eight-month period ending in May, the Congressional Budget Office (CBO) estimated in a report on Monday.

The nonpartisan budget scorekeeper said the figure is $38 billion above the federal budget deficit recorded during the same period in fiscal 2023.

Total outlays were up 8 percent in the past eight months, reaching $4.5 trillion, as the CBO noted a 42 percent increase in net outlays for interest on the public debt. The percentage represents an estimated $185 billion increase over the same period in fiscal 2023; the office pointed to rising interest rates as a key contributor.

Spending for programs like Social Security, Medicare and Medicaid jumped 6 percent on net during the same time frame, amounting to a $117 billion increase, the CBO estimated.

Medicare was projected to have seen the biggest bump, as outlays rose 10 percent, or $51 billion, in a large part due to “increased benefit payments to Medicare Advantage plans,” the CBO said. Spending for Social Security benefits rose 8 percent, or $74 billion, following a rise in beneficiaries and average benefit payments.

11 Replies

 @G3rrymanderCodVeteranfrom Washington  commented…1yr1Y

How long can we keep printing for?

 @Sw1ngStateTurtleRepublicanfrom Indiana  agreed…1yr1Y

As long as people are ignorant about the near instant negative impact to their purchasing power...which is probably forever. Millionaires commonly say they don't feel rich but can't put a finger on why because most don't understand the monetary system. Billionaires are next.

 @ZebraPatNo Labels from Minnesota  commented…1yr1Y

Military conflicts are expensive. This money would be able to fund healthcare for all, tuition at state colleges, housing for the homeless, more affordable Medicare, stronger social security… it’s a long list

 @VoterIDAriaSocialist from New York  commented…1yr1Y

If people aren't preparing for a global fiscal collapse, we will pray for you.

A lot of people will be caught flat fired and will get desperate as food becomes scarce.

Prepare now before the end of the year

 @9HCFTMC  from Arizona  commented…1yr1Y

Borrowing money from other countries essentially destroys our own economy rather than helping the world's. We havent payed it back, and we definitely don't plan on it, because we can infinitely raise the debt ceiling. Stop borrowing, and instead invest in american built businesses to not only grow our own economy, but ensure self reliance.

 @J0intCommitt3eApplesPatriot from New Jersey  commented…1yr1Y

The Biden Admin is well on its way to increasing the US Debt by over 33% or more during their term.

 @ApricotsEmilyConstitution from New Jersey  commented…1yr1Y

The 2nd biggest threat to America...the hardest to fix.

Closing the border is cheap and easy.

Fixing our spending and corresponding debt problem is a trillion-sized rubik's cube.

 @ISIDEWITHasked…1yr1Y

How would you feel if you found out your family had suddenly borrowed a huge amount of money without telling you?

 @ISIDEWITHasked…1yr1Y

How does the idea of your government borrowing more money to cover expenses make you feel about its ability to manage finances?

 @ISIDEWITHasked…1yr1Y

If you were in charge, would you prioritize reducing national debt or funding for programs like education and healthcare, and why?

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 @ISIDEWITH submitted…1yr1Y

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 @ISIDEWITH submitted…11mos11MO

Trump’s Doom vs. Harris’s Hope as America Decides Its Fate

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