(BrightPress.org) – After the passage of the debt ceiling compromise on June 5th, the federal government indulged in its ability to borrow unlimited amounts of money. The most obvious consequence is the ballooning of the federal debt, which has grown by 1$ trillion in the five short weeks since the passage of the deal. Inflation is another dirty word in Washington.
The legislation allows the government to borrow unlimited amounts of money until 2025, though “borrow unlimited amounts of money” is a euphemism for saying the Federal Reserve conjures it into existence by fiat and then “lends” the newly conjured cash to government entities and mega banks.
By July 6th, the debt hit $32.47 trillion, precisely $1 trillion more than the Treasury Department’s data from June 2nd. Government spending was on hold for months prior as they were unable to borrow more cash until the deal was passed. Once signed by President Biden, the floodgates were opened, causing the surge in spending.
Joe Biden signed the deal on June 3rd, and within 24 hours, $350 billion had already been spent. Two weeks later, it crossed the $32 trillion threshold, and now the US is halfway to $33 trillion. The total increase in the national debt under Joe Biden’s leadership sits at roughly $4.7 trillion, with that amount only expected to grow as budget deficits continue to pile on with only a handful of conservatives in Congress attempting to slow the spending spree.
Spending levels have sat consistently higher after the pandemic. The cough-inducing virus, which leaped around the world in 2020 and 2021, caused the US government to radically increase its spending, though much of that hasn’t returned to 2019 levels even after the emergency passed.
Republicans in the House Freedom Caucus are the only few conservatives pushing for a dramatic reduction in spending, while mainstream Republicans like Sens. Lindsey Graham (R-SC) and Mitch McConnell (R-KY) are fine with spending untold billions on the Ukrainian war effort and other pet projects.
Copyright 2023, BrightPress.org
