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The Latest Breaking News from National Debt

Deloitte Budget Monitor predicts significant shift in national debt ahead of federal budget

Multi-billion-dollar tax revenue and high commodity prices will likely result in a far healthier federal budget than initially predicted, according to Deloitte's annual Budget Monitor.

ABC News

Nobel laureate Paul Krugman says yes, Biden could mint a $1 trillion coin to avert the debt ceiling—but there's a better option out there

The Princeton professor and New York Times columnist said circumventing the national debt limit with a platinum coin could work, but public perception is the problem.

Fortune

Editorial: Rural Kansas and Missouri need food stamps. GOP can’t say hunger’s just a city thing

Republicans in the U.S. House of Representatives want to make big cuts to the federal budget as a condition of raising the national debt ceiling. Where do they want to start? Food stamps, of course. And that could have a big impact on Kansas and Missouri.

Tribune News Service

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US faces $31.4 trillion national debt crisis – and Republican divisions could make it harder to solve than ever

US federal debt currently stands at a staggering US$31.4 trillion (£25.2 trillion), the highest it’s ever been. That matters because it’s approaching the maximum limit that the government is legally allowed to borrow.

The Conversation

UK national debt will continue to rise over next five years, says IMF

Forecast by Washington-based body puts at risk Rishi Sunak’s pledge to cut debt as share of GDP

The Guardian - UK

'Tory Government is no Robin Hood - they steal from the poor and give to Rishi'

You’ve got to laugh when the Tories falsely claimed Britain was bankrupt under Labour, despite national debt being more of a steep hill than today’s mighty mountain

Daily Mirror

Trump, Bush tax cuts drive national debt

“The United States does not have a high-spending problem; it has a low-tax problem,” the report concludes

Salon

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Editorial: The budget and the debt: Speaker Kevin McCarthy must agree to raise the borrowing ceiling

President Joe Biden’s proposed budget for the federal fiscal year that starts on Oct. 1 would spend $6.8 trillion off revenues of only $5 trillion in taxes collected. The imbalance, a $1.8 trillion deficit, would get added to the national debt of $31.4 trillion that has been building since 1789.…

Tribune News Service

Republicans are threatening to default on the US national debt. Don’t believe them

Here’s a dirty secret: both Republicans’ debt hysteria and Biden’s proposed tax hikes are pure theater. Neither will happen

The Guardian - US

What is the US national debt and how has it grown over time?

The national debt grew by more than $4 trillion in 2020 alone.

USAFacts

GOP bill: Make Trump tax cuts permanent

One economist noted that the measure is backed by the "same members who are pushing us to a debt limit crisis"

Salon

US could default on debt in July unless Congress raises ceiling, CBO warns – as it happened

Budget analysts give July to September default prediction

The Guardian - US

White House: GOP plans would drive deficits up $3 trillion

President Joe Biden plans to go on the offensive against Republicans by saying their policies would add $3 trillion to the national debt

The Independent UK

Every person in Ireland owes €44,000 each as part of the national debt

This makes Irish people some of the most indebted in the world

Irish Mirror

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The Independent UK

Irish national debt stands at 44,000 euro per person, figures show

The Department of Finance said that it is one of the highest per capita debt burdens in the world.

The Conversation

US is spending record amounts servicing its national debt – interest rate hikes add billions to the cost

Consumers and businesses aren’t the only ones feeling the pain of higher borrowing costs because of Federal Reserve rate hikes. Uncle Sam is too.

Tribune News Service

John M. Crisp: Don’t feel guilty about taxing the wealthy

As our nation bumps up hard against a national debt north of $31 trillion, let’s start with the obvious: Our expenditures are greater than our revenue. And while this isn’t the crisis that Republicans imagine when a Democrat is in the White House, common sense suggests that bringing expenditures and…

The Independent UK

Lots of sound and fury on US debt, but not a crisis — yet

For all the sound and fury about raising the nation's debt limit, most economists say federal borrowing is not at a crisis point

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Los Angeles Times

Editorial: If Kevin McCarthy is serious about protecting the economy, he’d raise the debt ceiling

After he was elected speaker on the 15th ballot, Kevin McCarthy promised that the U.S. House under Republican leadership would protect the national economy, saying that the party was committed to “stop wasteful Washington spending, to lower the price of groceries, gas, cars, housing, and stop the rising national debt.”

Los Angeles Times

Commentary: House Republicans’ first order of business? Balloon the $31 trillion national debt

Republicans have long claimed they are dedicated deficit hawks, blaming Democrats for growing deficits and debt. But two votes they cast after electing Kevin McCarthy as House speaker prove that Republicans are charlatans when it comes to deficit reduction.

Tribune News Service

Editorial: IRS gets financial windfall, but keeps same old stripes

Congressional Democrats last year showered the IRS with $80 billion in new funding in an effort to close an estimated $600 billion “tax gap,” the difference between income taxes actually owed and those actually collected. This was supposed to help pay for the Biden administration’s ongoing spendapalooza that has run…

Tribune News Service

Editorial: The fiscal cliff looms; nothing to see here

The national debt is much like the weather. Everybody worries about the topic, but nobody wants to do anything about it.

Birmingham Post

More than 50 North East jobs created as cost-of-living leads to new national debt advice service

Money and Pensions Service (MaPS is pumping £228m into debt advice services in England over the next three years

Tribune News Service

A standoff is coming in 2023 — and it’s over the national debt

WASHINGTON — President Joe Biden is headed toward a standoff over the national debt next year, when Republicans newly in control of the U.S. House threaten to demand concessions for raising the government’s legal borrowing limit.

The Conversation

Government debt won't necessarily burden future generations – but austerity will

In his autumn budget statement, Chancellor Jeremy Hunt said that the Conservatives don’t leave debts for the next generation. As such, he vowed to halve government borrowing over the next five years.

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