Dangerous milestone! US Debt Exceeds US $33 Trillion, Government Capacity Is Questioned Taxpayer | treasury bond | US

BEIJING, Sept. 20 (Xinhua) - According to comprehensive foreign media reports, on the 18th local time, the US treasury bond reached a record high of $33 trillion, ushering in another "dangerous milestone". At the same time, the government is facing the risk of shutting down due to the budget still not being approved. According to American media, the ability of the US government and Congress to respond to severe challenges has significantly declined, and the current actions of both parties cannot restore fiscal rationality and sustainability, which is irresponsible behavior.

Data chart: USD.

According to Fox Business Channel, data released by the US Treasury Department showed that as of the afternoon of the 18th, the US treasury bond had reached $33.04 trillion. Forty years ago, the treasury bond of the United States was still hovering around 907 billion dollars, not exceeding a trillion dollars.

According to the calculation of the US financial media "Finbold", when the treasury bond is as high as 33 trillion US dollars, the US needs to levy an average tax of about 255000 US dollars on each taxpayer to repay the treasury bond.

Fox Business Channel reported that the Chairman of the US Federal Budget Committee, McGinnas, said, "The United States has reached a new milestone, and no one will be proud of it... We have become numb to these massive numbers, but this has not reduced their danger."

Michael Peterson, CEO of the Peterson Foundation of the United States, criticized that "as legislators shift from a short-term financial crisis to the next short-term financial crisis, our treasury bond is piling up, one trillion to one trillion."

According to reports, the latest survey by the Congressional Budget Office indicates that the size of the US national debt will double in the next thirty years. At the same time, soaring interest rates have also made it more difficult to repay treasury bond.

Behind the debt problem, what is even more severe is the risk of the US government shutting down.

The US government's fiscal year 2023 will end on September 30th, leaving little time for Congress to pass the fiscal year 2024 budget. If the House and Senate cannot vote on the 2024 fiscal year budget before this, the government may face a "shutdown".

According to Consumer News and Business Channel in the United States, passing the temporary funding bill can allow the federal government to continue operating until the next funding cycle, but the core issue of debt still leaves Congress deadlocked on the bill.

According to reports, some Republicans in the US House of Representatives announced on September 17th that an agreement has been reached within the Republican Party regarding temporary funding to the federal government. But it is expected that the bill will not be passed in the Democratic controlled Senate.

The Washington Post reported that Fitch had downgraded the debt rating of the United States and believed that the continued political brinkmanship of the United States had not solved the root cause of the country's financial problems. Once the US government shuts down, it further exacerbates people's perception and shakes the leadership of the United States worldwide.

Former Chief Auditor General of the United States, David Walker, published an article in Newsweek stating that Americans have witnessed a significant decline in the ability of the President and Congress to respond to severe challenges, and public trust in government agencies is naturally at or close to historical lows. Unfortunately, the United States cannot represent or respond to the public.

David Walker criticized that neither of the two major political parties in the United States has the courage to speak the truth and make the necessary difficult decisions to restore fiscal rationality and sustainability. This is irresponsible and unethical. At the same time, fiscal issues are not the only important issue that American politicians have failed to effectively address. Issues such as immigration, border security, energy, and the environment are also facing the same situation.

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