American Borrowing Surpasses $1.9 Trillion in 2024 Thus Far

In the first 11 months of fiscal year 2024, the federal government of the United States has borrowed at least $1.9 trillion.

As Just The News reports, this drastic increase in borrowing includes $380 billion borrowed in the month of August alone, and amounts to roughly $6 billion borrowed every single day.

“America faces steep fiscal challenges in the very near future,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “Next year alone, we’ll need to confront the multi-trillion dollar question of extending the 2017 tax cuts, we’ll need to raise the debt ceiling, and we’ll need to address the expiration of discretionary spending caps.

“In just three years, the national debt will be at a higher share of the economy than any point in history,” she added. “And in less than a decade, the Social Security retirement trust fund will go insolvent, leaving beneficiaries with automatic and across-the-board cuts without action.”

Similar warnings have been issued by congressional watchdogs. In February, the U.S. Government Accountability Office (GAO) informed Joe Biden and Congress that the federal government’s fiscal irresponsibility has put it on an “unsustainable long-term fiscal path.”

“The federal government faces an unsustainable long-term fiscal path,” said the GAO report. “We project that debt held by the public as a share of the economy will more than double over the next 30 years and will grow faster than the economy over the long term if current revenue and spending policies are not changed.”