The U.S. government will, again, face an official debt limit starting on August 1, 2021, unless Congress once more raises the limit on what Uncle Sam can borrow.
For the last two years, the federal government has been legally at liberty to borrow any amount of money necessary to cover its deficit spending under the Bipartisan Budget Act of August 2019. Unless Congress extends this Act or raises the official debt limit, starting on August 1, 2021 Uncle Sam will only be able to spend what he takes in, in taxes. The thought of living within a balanced budget sends a frightening shiver down almost every politician’s spine.
In its July 2021 report on the “Federal Debt and the Statutory Limit,” the Congressional Budget Office (CBO) explains that at the time the Bipartisan Budget Act was passed in the summer of 2019, the Congressionally approved debt limit stood at $22 trillion. The Act specified that that debt level would come back into effect as of July 31, 2021, plus any and all additional debt accumulated between those two dates. As of June 30, 2021, the federal government had added an extra $6.5 trillion of debt over the previous two years, bringing the outstanding national debt to over $28.5 trillion.
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Center-lefter here. Voted for Obama 2x. And DJT 2x. (also for Sanders in the 2016 primary, and Tulsi in the 2020 Dem primary). I would vote for DJT again in 2024 (unless Tulsi is the Dem nominee.
Want to know how concerned I am about debt? ZERO CONCERN.
Japan has debt/gdp of 270%. And it’s paying less than 0.10% for 10-year debt. The US debt has gone from 35% of GDP in 2008 to about 95% today. And we’re paying 1.21% for 10-year debt.
Those of you who are concerned about debt, I have a question for you.
Whose taxes would you increase? And please don’t include any new federal taxes on any household with income less than 200k per year.
What would you cut? And please don’t include any entitlements