{"id":73056,"date":"2023-07-10T13:38:20","date_gmt":"2023-07-10T17:38:20","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056"},"modified":"2023-07-10T13:38:20","modified_gmt":"2023-07-10T17:38:20","slug":"federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056","title":{"rendered":"Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law"},"content":{"rendered":"
\n

The U.S. national debt<\/a> has increased by $1 trillion in the five weeks since President Biden signed a bill into law that effectively turns off the debt ceiling until 2025.<\/p>\n

According to Treasury Department data, the total national debt stood at $32.47 trillion on July 6, $1 trillion more than the $31.47 trillion level last seen on June 2. The national debt had been stuck at or near that June 2 level for months because the government had hit the debt ceiling and was legally prohibited from borrowing any more money.<\/p>\n

On June 3, however, Biden signed legislation<\/a> reflecting negotiations with House Republicans that requires a small spending cut next year and allows unlimited federal borrowing until 2025. With no debt ceiling in effect, federal borrowing jumped more than $350 billion in a single day and crossed the $32 trillion mark in less than two weeks.<\/p>\n

That quick increase reflected pent-up demand for borrowing that the government delayed while the debt ceiling deal was being negotiated.<\/p>\n

NATIONAL DEBT HITS $32 TRILLINO TWO WEEKS AFTER DEBT CEILING DEAL<\/strong><\/a><\/p>\n

The national debt has increased $4.7 trillion since Biden took office in January 2021, and is expected to keep rising in the face of annual budget shortfalls of at least $1 trillion per year. So far in fiscal year 2023, the government has spent $1.16 trillion more than it has collected and the Biden administration is predicting a $1.5 trillion budget deficit when the fiscal year ends in September.<\/p>\n

Biden has continued to boast that he has shrunk the budget deficit.<\/p>\n

“And by the way, parenthetically, I want you to hear about the deficit. I cut the deficit $1.7 trillion in two years,” he said last week. “Nobody’s ever done that \u2013 cut the debt $1.7 [trillion].”<\/p>\n

But many mainstream news outlets have discounted that bragging point because the lower deficit mostly reflects the end of emergency spending related to COVID-19 and increased tax revenue that reflects the post-COVID economic recovery. When COVID hit in 2020, federal spending exploded by $2 trillion \u2013 the government spent a total of $6.5 trillion that year instead of the $4.4 trillion it spent a year earlier, and the budget deficit exceeded $3 trillion.<\/p>\n

BIDEN REPEATS \u2018MISLEADING\u2019 CLAIM HE CUT AMERICA’S BUDGET DEFICIT BY $1.7 TRILLION: \u2018BOTTOMLESS PINOCCHIOS\u2019<\/strong><\/a><\/p>\n

Even though the COVID emergency has ended, federal spending has remained high. It is estimated to spent $6.3 trillion in the current fiscal year, still well above the $4.4 trillion it spent in 2019, before COVID hit.<\/p>\n

Instead of falling back to 2019 levels, federal spending is not expected to dip below $6 trillion again. Treasury Department projections expect that the government will spend more than $7 trillion by 2025 and will exceed $8 trillion in spending by 2028, accompanied by more borrowing that is fast approaching $2 trillion per year.<\/p>\n

As the debt ceiling deal was being negotiated between Biden and House Speaker Kevin McCarthy, R-Calif., several conservatives argued that the GOP should be pushing for much steeper cuts to federal spending.<\/p>\n

CORI BUSH’S $14 TRILLION REPARATIONS PROPOSAL WOULD EQUAL NEARLY 7 AFGHANISTAN WARS IN SPENDING<\/strong><\/a><\/p>\n

Russ Vought, former President Trump\u2019s director of the Office of Management and Budget, criticized Republicans for moving away from a House-passed plan that would have capped the growth in federal spending to a maximum of 1% per year over the next decade.<\/p>\n

“They have\u00a0never been in a stronger place<\/a>,” Vought said in May. “They have passed a bill that this town and the country did not think was possible, they kept their team together, they have 75-25 polling to their backs, they had the Democrats in a situation where they had said you did not negotiate for months, and yet up against a deadline that\u2019s not a real deadline\u2026 they just completely caved.”<\/p>\n<\/div>\n

Source – https:\/\/www.foxnews.com\/politics\/national-debt-explodes-higher-biden-signs-debt-ceiling-deal <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. national debt has increased by $1 trillion in the five weeks since President Biden signed a bill into law that effectively turns off […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[16563],"tags":[],"stock_ticker":[],"class_list":["post-73056","post","type-post","status-publish","format-standard","hentry","category-market-news","entry"],"acf":[],"yoast_head":"\nFederal debt explodes by $1 trillion in five weeks since deal suspending limit became law - Wall Street PR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law - Wall Street PR\" \/>\n<meta property=\"og:description\" content=\"The U.S. national debt has increased by $1 trillion in the five weeks since President Biden signed a bill into law that effectively turns off […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056\" \/>\n<meta property=\"og:site_name\" content=\"Wall Street PR\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WallStreetPR\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-10T17:38:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2021\/06\/businessman-showing-business-evolution1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"715\" \/>\n\t<meta property=\"og:image:height\" content=\"423\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056#article\",\"isPartOf\":{\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/person\/6e00efa2abc413bdc0bca51a90c54d36\"},\"headline\":\"Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law\",\"datePublished\":\"2023-07-10T17:38:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056\"},\"wordCount\":615,\"publisher\":{\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#organization\"},\"articleSection\":[\"Market News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056\",\"url\":\"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056\",\"name\":\"Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law - Wall Street PR\",\"isPartOf\":{\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#website\"},\"datePublished\":\"2023-07-10T17:38:20+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cablemanpro.com\/wallstreetpr\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#website\",\"url\":\"https:\/\/cablemanpro.com\/wallstreetpr\/\",\"name\":\"Wall Street PR\",\"description\":\"Latest News From WallStreet\",\"publisher\":{\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/cablemanpro.com\/wallstreetpr\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#organization\",\"name\":\"Wall Street PR\",\"url\":\"https:\/\/cablemanpro.com\/wallstreetpr\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2019\/10\/brand-logo.png\",\"contentUrl\":\"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2019\/10\/brand-logo.png\",\"width\":537,\"height\":70,\"caption\":\"Wall Street PR\"},\"image\":{\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/WallStreetPR\/\",\"https:\/\/x.com\/WallstreetPRs\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/person\/6e00efa2abc413bdc0bca51a90c54d36\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2022\/09\/360_F_336393115_5gCUfwn76x3MJaCJMYDKLoRebkC8QyrL-300x300.jpg\",\"contentUrl\":\"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2022\/09\/360_F_336393115_5gCUfwn76x3MJaCJMYDKLoRebkC8QyrL-300x300.jpg\",\"caption\":\"admin\"},\"url\":\"https:\/\/cablemanpro.com\/wallstreetpr\/author\/admin\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law - Wall Street PR","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056","og_locale":"en_US","og_type":"article","og_title":"Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law - Wall Street PR","og_description":"The U.S. national debt has increased by $1 trillion in the five weeks since President Biden signed a bill into law that effectively turns off […]","og_url":"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056","og_site_name":"Wall Street PR","article_publisher":"https:\/\/www.facebook.com\/WallStreetPR\/","article_published_time":"2023-07-10T17:38:20+00:00","og_image":[{"width":715,"height":423,"url":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2021\/06\/businessman-showing-business-evolution1.jpg","type":"image\/jpeg"}],"author":"admin","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056#article","isPartOf":{"@id":"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056"},"author":{"name":"admin","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/person\/6e00efa2abc413bdc0bca51a90c54d36"},"headline":"Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law","datePublished":"2023-07-10T17:38:20+00:00","mainEntityOfPage":{"@id":"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056"},"wordCount":615,"publisher":{"@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#organization"},"articleSection":["Market News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056","url":"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056","name":"Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law - Wall Street PR","isPartOf":{"@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#website"},"datePublished":"2023-07-10T17:38:20+00:00","breadcrumb":{"@id":"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/federal-debt-explodes-by-1-trillion-in-five-weeks-since-deal-suspending-limit-became-law-73056#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cablemanpro.com\/wallstreetpr\/"},{"@type":"ListItem","position":2,"name":"Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law"}]},{"@type":"WebSite","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#website","url":"https:\/\/cablemanpro.com\/wallstreetpr\/","name":"Wall Street PR","description":"Latest News From WallStreet","publisher":{"@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/cablemanpro.com\/wallstreetpr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#organization","name":"Wall Street PR","url":"https:\/\/cablemanpro.com\/wallstreetpr\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/logo\/image\/","url":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2019\/10\/brand-logo.png","contentUrl":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2019\/10\/brand-logo.png","width":537,"height":70,"caption":"Wall Street PR"},"image":{"@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/WallStreetPR\/","https:\/\/x.com\/WallstreetPRs"]},{"@type":"Person","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/person\/6e00efa2abc413bdc0bca51a90c54d36","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/person\/image\/","url":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2022\/09\/360_F_336393115_5gCUfwn76x3MJaCJMYDKLoRebkC8QyrL-300x300.jpg","contentUrl":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2022\/09\/360_F_336393115_5gCUfwn76x3MJaCJMYDKLoRebkC8QyrL-300x300.jpg","caption":"admin"},"url":"https:\/\/cablemanpro.com\/wallstreetpr\/author\/admin"}]}},"_links":{"self":[{"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/posts\/73056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/comments?post=73056"}],"version-history":[{"count":0,"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/posts\/73056\/revisions"}],"wp:attachment":[{"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/media?parent=73056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/categories?post=73056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/tags?post=73056"},{"taxonomy":"stock_ticker","embeddable":true,"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/stock_ticker?post=73056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}