$524.7 Billion Added to US Debt in 21 Days as Senator Warns of Potential 'Death Spiral' for Future Generations

The U.S. government has rapidly accumulated debt, increasing its liabilities by over half a trillion dollars in a mere three-week span.

Recent figures from the government's FiscalData platform indicate a substantial increase in the country's debt, surging from $32.9886 trillion on September 14th to $33.5133 trillion on October 5th, marking a significant $524.7 billion rise.

Amidst the escalating national debt, Senator Cynthia Lummis warns of the potential repercussions on future generations, emphasizing the doubling of the deficit to $2 trillion in the past year as a troubling sign for America's future.

Lummis states, 'The deficit's doubling to $2 trillion in the past year should serve as a stark warning to anyone concerned about America's future. Our nation is rapidly approaching a debt crisis that could have severe consequences for future generations. We must address Washington's spending habits.'

The Republican Senator is not alone in expressing concerns about the nation's escalating debt levels. In a recent CNBC interview, billionaire Ray Dalio asserts that the United States is on a trajectory towards a fiscal crisis.

Dalio remarks, 'We are headed towards a debt crisis in this country... The speed at which it unfolds, I believe, will be influenced by supply-demand dynamics, so I am closely monitoring that.'

According to data from the Federal Reserve Bank of St. Louis, the federal government is currently expending $909.5 billion in interest on its outstanding public debt each quarter.

Oct 08, 2023