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The Latest Breaking News from National Debt

Taxing the Rich Will Have No Meaningful Effect on Our Sky-High National Debt

The U.S. tax system is extremely progressive, even compared to European countries—whose governments rely on taxing the middle class.

Reason

Watch: Biden and McCarthy arrive at White House to discuss US debt ceiling as default date looms

Watch live outside the White House as President Joe Biden meets with House SpeakerKevin McCarthy on Monday 22 May, after their first meeting on Sunday to try to break the stalemate over legislation to raise the national debt limit.

The Independent UK

The ‘dysfunctional’ debt ceiling fight could cause a $12 trillion blow to the American economy if Washington doesn’t get its act together

There have been 78 debt ceiling deals since 1960 and zero failures. Could this time really be different?

Fortune

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FACT FOCUS: Who’s to blame for the national debt? It’s more complicated than one culprit

As political leaders work to reach a deal to raise the debt ceiling, some online have pointed fingers as to who is to blame for the national debt

The Independent UK

'Mistaken, misread, misquoted, mislabeled, and mis-spoken' -- what Woody Guthrie wrote about the national debt debate in Congress during the Depression

The debt ceiling debate between the House GOP and President Joe Biden could, if not solved, lead to economic chaos and destruction – so it might seem strangely lighthearted to wonder what a Great Depression-era singer and activist would think about this particular political moment.

The Conversation

Top Obama economist says we should abolish the debt limit as the current political 'brinksmanship' hurts the economy

The Harvard professor has argued since 2017 that the debt ceiling no longer helps restrain the national debt as intended.

Fortune

What the debt ceiling standoff could mean for your retirement plans

Biden has warned that defaulting on the national debt "would devastate retirement accounts," among other things. The head of advice methodology at Vanguard wants people to remember the bigger picture.

WEKU

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Demonstration Of The Debt Ceiling Of How The Dealing Works In A Two Way Street

Congress and the White House have yet to strike a deal on the debt ceiling as the Biden Administration will shuffle money around.

Zenger

Vivek Ramaswamy Is Wrong About the National Debt

We can't grow our way out of its ruinous economic impact. The only way forward is to cut spending.

Reason

Deloitte Budget Monitor predicts significant shift in national debt ahead of federal budget

Multi-billion-dollar tax revenue and high commodity prices will likely result in a far healthier federal budget than initially predicted, according to Deloitte's annual Budget Monitor.

ABC News

Nobel laureate Paul Krugman says yes, Biden could mint a $1 trillion coin to avert the debt ceiling—but there's a better option out there

The Princeton professor and New York Times columnist said circumventing the national debt limit with a platinum coin could work, but public perception is the problem.

Fortune

Editorial: Rural Kansas and Missouri need food stamps. GOP can’t say hunger’s just a city thing

Republicans in the U.S. House of Representatives want to make big cuts to the federal budget as a condition of raising the national debt ceiling. Where do they want to start? Food stamps, of course. And that could have a big impact on Kansas and Missouri.

Tribune News Service

US faces $31.4 trillion national debt crisis – and Republican divisions could make it harder to solve than ever

US federal debt currently stands at a staggering US$31.4 trillion (£25.2 trillion), the highest it’s ever been. That matters because it’s approaching the maximum limit that the government is legally allowed to borrow.

The Conversation

UK national debt will continue to rise over next five years, says IMF

Forecast by Washington-based body puts at risk Rishi Sunak’s pledge to cut debt as share of GDP

The Guardian - UK

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Daily Mirror

'Tory Government is no Robin Hood - they steal from the poor and give to Rishi'

You’ve got to laugh when the Tories falsely claimed Britain was bankrupt under Labour, despite national debt being more of a steep hill than today’s mighty mountain

Salon

Trump, Bush tax cuts drive national debt

“The United States does not have a high-spending problem; it has a low-tax problem,” the report concludes

Tribune News Service

Editorial: The budget and the debt: Speaker Kevin McCarthy must agree to raise the borrowing ceiling

President Joe Biden’s proposed budget for the federal fiscal year that starts on Oct. 1 would spend $6.8 trillion off revenues of only $5 trillion in taxes collected. The imbalance, a $1.8 trillion deficit, would get added to the national debt of $31.4 trillion that has been building since 1789.…

The Guardian - US

Republicans are threatening to default on the US national debt. Don’t believe them

Here’s a dirty secret: both Republicans’ debt hysteria and Biden’s proposed tax hikes are pure theater. Neither will happen

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USAFacts

What is the US national debt and how has it grown over time?

The national debt grew by more than $4 trillion in 2020 alone.

Salon

GOP bill: Make Trump tax cuts permanent

One economist noted that the measure is backed by the "same members who are pushing us to a debt limit crisis"

The Guardian - US

US could default on debt in July unless Congress raises ceiling, CBO warns – as it happened

Budget analysts give July to September default prediction

The Independent UK

White House: GOP plans would drive deficits up $3 trillion

President Joe Biden plans to go on the offensive against Republicans by saying their policies would add $3 trillion to the national debt

Irish Mirror

Every person in Ireland owes €44,000 each as part of the national debt

This makes Irish people some of the most indebted in the world

The Independent UK

Irish national debt stands at 44,000 euro per person, figures show

The Department of Finance said that it is one of the highest per capita debt burdens in the world.

The Conversation

US is spending record amounts servicing its national debt – interest rate hikes add billions to the cost

Consumers and businesses aren’t the only ones feeling the pain of higher borrowing costs because of Federal Reserve rate hikes. Uncle Sam is too.

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