🧵 1. U.S. national debt breaches $33 trillion milestone as federal spending surges 50% between 2019 and 2021, per Treasury Department. #finance
🧵 1. U.S. national debt breaches $33 trillion milestone as federal spending surges 50% between 2019 and 2021, per Treasury Department. #finance
🧵 2. Tax cuts, pandemic stimulus programs, and lower tax revenues due to unemployment contribute to record borrowing levels.
🧵 3. Congress deadlocked over spending bill to avert government shutdown. Republicans seek reduced spending, while Democrats support Biden's costly programs.
🧵 4. House Republicans propose funding bill with 8% cuts to domestic programs, but it faces Senate opposition. Deadline for passing a funding bill is Sept. 30.
🧵 5. As national debt crosses $33 trillion mark, concerns mount about long-term fiscal stability and the impact on future generations.
🧵 Read more at: https://www.cnbc.com/2023/09/19/united-state-national-debt-tops-33-trillion-for-first-time.html