The US national debt has jumped $1 trillion in the five weeks since President Biden signed a bill into law that suspends the debt ceiling and allows unlimited borrowing.
Fox News contributor Robert Wolf and former Trump economic adviser Steve Moore discuss the state of the U.S. economy as the debt default deadline looms on 'America Reports.'has increased by $1 trillion in the five weeks since President Biden signed a bill into law that effectively turns off the debt ceiling until 2025.
The national debt has increased $4.7 trillion since Biden took office in January 2021, and is expected to keep rising in the face of annual budget shortfalls of at least $1 trillion per year. So far in fiscal year 2023, the government has spent $1.16 trillion more than it has collected and the Biden administration is predicting a $1.5 trillion budget deficit when the fiscal year ends in September."And by the way, parenthetically, I want you to hear about the deficit. I cut the deficit $1.
Treasury Secretary Janet Yellen delayed certain federal spending while the debt deal was being negotiated, and borrowing surged as soon as the ceiling was suspended.
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