The debt of the United States of America now exceeds $34 trillion, and– for the first time in American history– the government has to borrow 100% of the money needed to fund regular operational expenses of $1.5 trillion.
What a sad and disturbing mess! New Speaker of the House Mike Johnson is setting up a bi-partisan debt commission to work on ideas to get our fiscal house in order. “The greatest threat to our national security is our nation’s debt,” Johnson said during his first speech from the speaker’s dais in the House chamber. “We know this is not going to be an easy task and tough decisions will have to be made, but the consequences—if we don’t act now—are unbearable.”