The US government is piling debt onto its balance sheet, adding more than half a trillion dollars in debt in just three weeks.
New numbers from the government’s FiscalData platform show the country’s debt surged from $32.9886 trillion on September 14th to $33.5133 trillion on October 5th – representing a $524.7 billion increase.
Amid the country’s growing debt burden, Senator Cynthia Lummis warns that if left unchecked, America’s spending craze could hammer future generations.
“The deficit doubling to $2 trillion in the last year should be a flashing red warning sign to everyone who cares about America’s future.
Our nation is quickly approaching a debt death spiral that will bury future generations. We need to end Washington’s spending addiction.”
The Republican Senator is not the only one sounding the alarm about the nation’s rising debt levels.
In a new CNBC interview, billionaire Ray Dalio says the US is now heading toward a fiscal crisis.
“We’re going to have a debt crisis in this country… How fast it transpires, I think, is going to be a function of that supply-demand issue, so I’m watching that very closely.”
According to the Federal Reserve Bank of St. Louis, the federal government is currently paying $909.5 billion in interest on its outstanding public debt per quarter.
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