(TheRedAlertNews.com) – In a dangerous development that puts all Americans at risk — including future generations — America’s national debt has surpassed $33 trillion for the first time in history.
The critical threshold was exceeded on Monday, according to the latest data released by the US Treasury Department.
The crossing of the new milestone occurs at a time of growing scrutiny of government expenditures, with the GOP majority in the House of Representatives demanding spending cuts at the risk of a federal shutdown.
A Newsmax report points out that “just four decades ago,” the sum that the US owed its creditors stood at only $907 billion.
“The United States has hit a new milestone that no one will be proud of: our gross national debt just surpassed $33 trillion,” commented Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, a DC-based nonpartisan nonprofit.
“Debt held by the public, meanwhile, recently surpassed $26 trillion. We are becoming numb to these huge numbers, but it doesn’t make them any less dangerous,” she added.
On Sunday, with days left before the September 30 deadline to pass spending bills and avoid a shutdown, House Republicans proposed a short-term plan, i.e., a continuing resolution to fund the federal government until October 31.
The GOP measure provides for slashing 8% of the spending of federal agencies, except for defense, veteran, and disaster relief funding.
The continuing resolution in question was sponsored by Republican House members from both the moderate Main Street Caucus and the conservative Freedom Caucus. However, it was met with internal opposition, casting further doubts over the likelihood of avoiding a shutdown.
“As lawmakers drift from one short-term fiscal crisis to the next, our national debt just keeps piling up, trillion after trillion,” commented Michael Peterson, CEO of the Peter G. Peterson Foundation, another nonpartisan group.
“After the debt ceiling showdown in June, we crossed the $32 trillion debt milestone. Now, as we stare down a potential government shutdown just three months later, we have raced past $33 trillion in red ink,” he added.
“As we have seen with recent growth in inflation and interest rates, the cost of debt can mount suddenly and rapidly. With more than $10 trillion of interest costs over the next decade, this compounding fiscal cycle will only continue to do damage to our kids and grandkids,” Peterson concluded.
BREAKING: US national debt hits 'dangerous' new milestone for first time in historyhttps://t.co/kJVZ12pfUJ
— Fox News (@FoxNews) September 18, 2023