U.S. borrowing tops $1.9 trillion so far this year
By Jennie Tae and Jorge Fitz-Gibbon | The Center Square
The federal government borrowed $1.9 trillion in the first eleven months of fiscal year 2024, including $380 billion in August, a startling amount as federal watchdogs sound the alarm on spending.
Those borrowing figures come from the the latest Monthly Treasury Statement from the Treasury Department.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said that is roughly $6 billion borrowed per day this fiscal year.
"America faces steep fiscal challenges in the very near future – next year alone, we’ll need to confront the multi-trillion dollar question of extending the 2017 tax cuts, we’ll need to raise the debt ceiling, and we’ll need to address the expiration of discretionary spend...