{"id":24788,"date":"2022-10-04T23:06:07","date_gmt":"2022-10-04T23:06:07","guid":{"rendered":"https:\/\/one.sightlinemg.com\/federaltimes\/uncategorized\/2022\/10\/04\/us-fiscal-year-starts-with-31-trillion-debt\/"},"modified":"2026-08-08T04:51:29","modified_gmt":"2026-08-08T04:51:29","slug":"us-fiscal-year-starts-with-31-trillion-debt","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/federaltimes\/congress\/budget\/2022\/10\/04\/us-fiscal-year-starts-with-31-trillion-debt\/","title":{"rendered":"US government starts fiscal year $31 trillion in debt"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The nation\u2019s gross national debt has surpassed $31 trillion, according to a U.S. Treasury <a href=\"https:\/\/fsapps.fiscal.treasury.gov\/dts\/files\/22100300.pdf\">report<\/a> released Tuesday that logs America\u2019s daily finances.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Edging closer to the statutory ceiling of roughly $31.4 trillion \u2014 an artificial cap Congress placed on the U.S. government\u2019s ability to borrow \u2014 the debt numbers hit an already tenuous economy facing high inflation, rising interest rates and a strong U.S. dollar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And while President Joe Biden has <a href=\"https:\/\/apnews.com\/article\/biden-business-national-debt-37aed6b8475ba3f404529aba17bb4e7a\">touted his administration\u2019s deficit reduction<\/a> efforts this year and recently signed the so-called Inflation Reduction Act, which attempts to tame 40-year high price increases caused by a variety of economic factors, economists say the latest debt numbers are a cause for concern.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Owen Zidar, a Princeton economist, said rising interest rates will exacerbate the nation\u2019s growing debt issues and make the debt itself more costly. The Federal Reserve <a href=\"https:\/\/apnews.com\/article\/inflation-business-layoffs-prices-economy-ddb0f7c3437661b74b62e03cb267aab9\">has raised rates<\/a> several times this year in an effort to combat inflation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zidar said the debt \u201cshould encourage us to consider some tax policies that almost passed through the legislative process but didn\u2019t get enough support,\u201d like imposing higher taxes on the wealthy and closing the carried interest loophole, which allows money managers to treat their income as capital gains.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI think the point here is if you weren\u2019t worried before about the debt before, you should be \u2014 and if you were worried before, you should be even more worried,\u201d Zidar said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Congressional Budget Office earlier this year <a href=\"https:\/\/apnews.com\/article\/economy-economic-growth-government-finance-gross-domestic-product-a8e2856c81e717f922bd0bc2808a5c08\">released a report on America\u2019s debt load<\/a>, warning in its 30-year outlook that, if unaddressed, the debt will soon spiral upward to new highs that could ultimately imperil the U.S. economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In its August Mid-Session Review, the administration forecasted that this year\u2019s budget deficit will be nearly $400 billion lower than it estimated back in March, due in part to stronger than expected revenues, reduced spending, and an economy that has recovered all the jobs lost during the multi-year pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In full, this year\u2019s deficit will <a href=\"https:\/\/apnews.com\/article\/economy-government-and-politics-c721634482519d591cb1a0522a464bf7\">decline by $1.7 trillion<\/a>, representing the single largest decline in the federal deficit in American history, the Office of Management and Budget said in August.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Maya MacGuineas, president of the Committee for a Responsible Federal Budget said in an emailed statement Tuesday, \u201cThis is a new record no one should be proud of.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIn the past 18 months, we\u2019ve witnessed inflation rise to a 40-year high, interest rates climbing in part to combat this inflation, and several budget-busting pieces of legislation and executive actions,\u201d MacGuineas said. \u201cWe are addicted to debt.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A representative from the Treasury Department was not immediately available for comment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sung Won Sohn, an economics professor at Loyola Marymount University, said \u201cit took this nation 200 years to pile up its first trillion dollars in national debt, and since the pandemic we have been adding at the rate of 1 trillion nearly every quarter.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Predicting high inflation for the \u201cforeseeable future,\u201d he said, \u201cwhen you increase government spending and money supply, you will pay the price later.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This year&#8217;s deficit will decline by $1.7 trillion, the single largest decline in the federal deficit in American history, OMB predicted in August.<\/p>\n","protected":false},"author":7,"featured_media":74084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":65,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[65,31,15],"tags":[],"coauthors":[4039],"class_list":["post-24788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget","category-home","category-management"],"acf":{"subheadline":"","legacy_arc_id":"3CD5535W3RCP3C2Q3UNWEUZZWY","arc_canonical_url":"\/management\/budget\/2022\/10\/04\/us-fiscal-year-starts-with-31-trillion-debt\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented 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