The US government is piling debt onto its balance sheet at a blistering pace.
The latest data from the Treasury Department shows the government’s debt jumped from $33.802 trillion on December 1st to $33.911 trillion on December 28th – an uptick of over $108.549 billion in a single month.
As the country’s debt continues to soar, the Treasury Department also says government payments to interest expenses have now exceeded its defense budget.
Data shows that the government allocated $168.849 billion to cover the interest on Treasury debt securities from the start of the current fiscal year, which began on October 1st, to November 30th, 2023.
Meanwhile, the government spent $149.709 billion on the military programs of the Department of Defense during the same period.
With interest payments on debt taking up a substantial portion of the government’s budget, former US Congressman Ron Paul is now calling the attention of House Speaker Mike Johnson.
In a weekly column, Paul asks Johnson to hear the pleas of his fellow House members who are sounding the alarm about the government’s ballooning debt burden.
“I believe Speaker Johnson is intelligent, with a bright future in House leadership. He has inherited a broken system and a legislative body that operates without any guiding principles. I sincerely hope he will begin to listen to the increasing voices in the House who are questioning the warfare-welfare state.
We are more than 33 trillion dollars in debt, with interest payments on that debt dwarfing all other government spending. A crash is coming. There is no time for more ‘business as usual.'”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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