Growing The Debt

JPMorgan Chase CEO Jamie Dimon warned Friday that America is headed toward a cliff with its soaring debt, saying it must be addressed before it causes a crisis.

The United States' national debt is quickly approaching $34 trillion, and a majority of the nation's voters say the economy is in bad shape.

Federal budget deficits and high interest rates are causing the cost of servicing America's $33 trillion national debt to soar, raising concern about the debt's sustainability.

Lawmakers considered proposals in the House Budget Committee last week that would establish a bipartisan fiscal commission to suggest policies that would rein in the deficit and debt.

The result of politicians in Washington racking up a $33.7 trillion federal debt? It now takes over a fifth of all government revenues just to pay the interest.

The Congressional Budget Office reported that the federal budget deficit through August grew by about $600 billion, compared to a year ago, as spending increased and tax revenue declined.

Florida Gov. Ron DeSantis and former New Jersey Gov. Chris Christie united in their criticism of President Biden's economic policies in response to the GOP debate's opening question.

Just as inflation has eroded the value of the U.S. national debt, so too has it eroded the value of national wealth.

The nonpartisan Congressional Budget Office's latest budget review found the federal deficit more than doubled to $1.6 trillion in the first 10 months of FY2023 compared to a year ago.

Fitch’s downgrade doesn’t mean were about to default. It does mean we look like a country that can’t be depended on. Will we lose our status as a reserve currency?

Treasury Secretary Janet Yellen said she strongly disagrees with Fitch's downgrade of the U.S. credit rating, arguing its assessment was flawed and based on outdated data.

President Joe Biden touted the economic policies he dubbed "Bidenomics" in a speech Wednesday as persistently high inflation continues to strain Americans' household budgets.

The Committee for a Responsible Federal Budget released a report indicating the federal government ran a $2.1 trillion over the past 12 months as tax revenue lagged and spending rose.

Congress is taking up the Fiscal Responsibility Act, which would reduce federal budget deficits by $1.5 trillion over 10 years, with most of the savings coming from spending caps.

The bipartisan budget deal between President Biden and House Republicans will raise the debt limit until January 2025, when a new Congress and possible new president will take office.

Yellen has sent Congress several warnings that the Treasury will run out of cash to pay all of the government's obligations in early June

Rep. Garret Graves of Louisiana said negotiators for House Republicans and the White House have identified what their biggest differences are.

Moody's expects Congress and the White House to reach a deal on raising the U.S. debt limit in time to avoid default, but warns a downgrade is coming if a mid-June payment is missed.

House Speaker Kevin McCarthy indicated he was not worried about a letter from House conservatives demanding that he not compromise on provisions included in debt ceiling increase legislation they had passed.

The Treasury Department announced auctions for short-term Treasury bills will proceed next week in a sign the government may have additional time to raise the debt limit after June 1.