U.S. Debt Hits a Staggering $1.9 Trillion in Just Months
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The federal government borrowed $1.9 trillion in the first eleven months of fiscal year 2024, including $380 billion in August; Maya MacGuineas, president of the Committee for a Responsible Federal Budget, stated this equates to roughly $6 billion borrowed per day; she warned of upcoming fiscal challenges, including the need to extend the 2017 tax cuts and raise the debt ceiling; MacGuineas emphasized the urgency for presidential candidates to address high debt and deficits; the U.S. Government Accountability Office reported that federal spending levels are unsustainable long-term; Gene Dodaro, U.S. Comptroller General, called for Congress to act on the growing federal debt, which threatens the economy and public safety.

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