<p>The United States <a href="http://dailywire.com/topic/national-debt" target="_blank" rel="noopener">national debt</a> surpassed $31 trillion for the first time in history, according to <a href="https://fsapps.fiscal.treasury.gov/dts/files/22100300.pdf">data</a> from the Treasury Department released on Monday.</p>
<p>Federal obligations soared over the past two years as a result of government spending packages meant to address the lockdown-induced recession. The newest debt milestone <a href="https://www.usdebtclock.org/" target="_blank" rel="noopener">implies</a> over $93,000 in liabilities per citizen and nearly $247,000 per taxpayer.</p>
<p>Both Republican and Democratic leaders have presided over <a href="https://www.dailywire.com/news/the-american-people-want-a-real-change-steve-forbes-rebukes-both-parties-for-sinful-government-spending-habits" target="_blank" rel="noopener">surges</a> in the national debt. Although President Barack Obama maintained budget deficits as large as $1.4 trillion during his first term, President Donald Trump ran a deficit nearing $1 trillion in 2019 — the year before the deficit more than tripled to $3.1 trillion as a result of stimulus spending, according to <a href="https://fred.stlouisfed.org/series/FYFSD" target="_blank" rel="noopener">data</a> from the Office of Management and Budget.</p>
<p>Policies enacted by President Joe Biden will contribute more than $4.8 trillion in new deficit spending between 2021 and 2031, according to an <a href="https://www.crfb.org/blogs/biden-administration-has-approved-48-trillion-new-borrowing" target="_blank" rel="noopener">analysis</a> from the Committee for a Responsible Federal Budget. Removing the effect of the American Rescue Plan, a stimulus package greenlit soon after President Biden’s inauguration, implies $2.5 trillion of new deficits.</p>
<p>“This is on top of the trillions of dollars we were projected to borrow before President Biden took office,” the group said. “Excessive borrowing will lead to continued inflationary pressures, drive the national debt to a new record as soon as 2030, and triple federal interest payments over the next decade — or even sooner if interest rates go up faster or by more than expected.”</p>
<p>While the American Rescue Plan is anticipated to spend $1.9 trillion, other omnibus proposals approved over the past two years include the $370 billion Bipartisan Infrastructure Law, the $80 billion CHIPS and Science Act, and $55 billion in humanitarian and military aid for Ukraine. Executive orders related to health care will lead to $175 billion in new deficits, while an increase in food stamp spending will add $185 billion.</p>
<p>The Inflation Reduction Act, which spends over $360 billion on climate and environmental programs, will cut deficits by an overall $240 billion as a result of new tax enforcement funds.</p>
<p>The higher spending occurs amid increasing tax burdens. The federal government is slated to collect roughly $5 trillion in nominal revenue from fiscal year 2022 — an increase from $4 trillion in fiscal year 2021, which was also a record amount, according to a recent <a href="https://www.dailywire.com/news/federal-tax-collections-set-to-rise-1-trillion-in-a-single-year" target="_blank" rel="noopener">analysis</a> from the Tax Foundation. Federal collections are projected to reach 20.2% of gross domestic product, marking the highest level in modern history, during which collections have averaged 17.2% of economic output.</p>
<p>Price levels between August 2021 and August 2022 rose 8.3%, according to <a href="https://www.bls.gov/news.release/cpi.nr0.htm" target="_blank" rel="noopener">data</a> from the Bureau of Labor Statistics, marking a slight moderation from an 8.5% year-over-year increase in July and a 9.1% year-over-year increase in June. As core inflation continues to climb, the Federal Reserve responded last week by <a href="https://www.dailywire.com/news/heres-what-the-federal-reserves-recent-rate-hike-means-for-the-economy" target="_blank" rel="noopener">increasing</a> the target federal funds rate by 0.75% — a move that triggered a <a href="https://www.dailywire.com/news/if-hes-elected-the-stock-market-will-crash-trumps-2020-warning-about-biden-comes-true" target="_blank" rel="noopener">stock market selloff</a> and sent the Dow Jones more than 1,500 points lower than the level seen on the day of President Biden’s inauguration.</p>
<p>The higher interest rate environment will place additional pressure on federal budgets as policymakers are forced to allocate a greater portion toward servicing debt.</p>

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

National Debt Surpasses $31 Trillion For The First Time. Republicans And Democrats Both To Blame.

CONTINUE READING

Bud Light Sales Continue To Plummet, May Soon Lose Status As Number-One Beer

‘Profoundly Christian’: Former Head Of Anglican Church Presses British Government To Endorse Assisted Suicide

Ben Shapiro Reacts To Debt Limit Deal, Hits Both Democrats And Republicans Over Spending Habits

‘The Chosen’ Defends Pride Flag Spotted On Set: ‘Let The Show Speak For Itself’

Chick-Fil-A Faces Backlash As Their Diversity Efforts Resurface, Other Woke Brands Take Beating

North Korea Sentenced Two-Year-Old To Life In Prison After Family Caught With Bible: State Department

News and Analysis

Democratic Party

Economy

National Debt

Republican Party

spending

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Evening Wire: Lebanon Ceasefire Begins & Murder-Suicide Rocks VA | 4.16.26

The Pendragon Cycle

Menu

— News and Analysis —

National Debt Surpasses $31 Trillion For The First Time. Republicans And Democrats Both To Blame.