The U.S. federal government has borrowed about $6 billion per day so far this fiscal year with little indication of slowing down.
The U.S. Treasury Department released its figures for the month of March showing it borrowed $236 billion in March alone, bringing the total to $1.1 trillion for this fiscal year, which runs from October to September.
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The Congressional Budget Office on Wednesday released a bleak outlook for the federal government with new projections that show debt levels will reach their highest levels ever in five years.
“Debt held by the public, boosted by the large deficits, reaches its highest level ever in 2029 (measured as a percentage of GDP) and then continues to grow, reaching 166 percent of GDP in 2054 and remaining on track to increase thereafter,” according to the CBO report. “That mounting debt would slow economic growth, push up interest payments to foreign holders of U.S. debt, and pose significant risks to the fiscal and economic outlook; it could also cause lawmakers to feel more constrained in their policy choices.”
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State Senator Michael Rulli (R-OH-Salem) this week castigated President Joe Biden for failing to visit East Palestine, Ohio in the aftermath of the train derailment and controlled toxic chemical burn.
Speaking on the Clay Travis and Buck Sexton radio show, Rulli described the president’s failure to visit communities surrounding the site where a 53-car train crashed on February 3. Rail company Norfolk Southern subsequently conducted a controlled vent and burn of five of the rail cars containing vinyl chloride. Biden did however visit Ukraine and Poland early this week to express his ongoing support for Ukraine’s military struggle against Russian encroachment — a trip that didn’t escape the state lawmaker’s notice.
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President Joe Biden’s student loan forgiveness plan will be costly for American taxpayers, a coalition of GOP governors said in a letter sent Monday to the White House.
The letter, signed by 22 GOP governors, tells Biden to “withdraw” the plan, citing cost estimates of up to $600 billion, or $2,000 per American taxpayer.
“As governors, we support making higher education more affordable and accessible for students in our states, but we fundamentally oppose your plan to force American taxpayers to pay off the student loan debt of an elite few,” the coalition wrote.
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Estimates vary widely on how much President Joe Biden’s $10,000-20,000 per borrower cancellation of student loans will cost taxpayers, but a new analysis estimates the significant cost of a less-covered aspect of Biden’s plan.
When Biden announced the debt cancellation, he also announced an extension of student loan repayments “one final time” through Dec. 31 of this year. In March of 2020, then-President Donald Trump first suspended the repayments citing COVID-19. Since then, the suspension has been extended several times. Interest does not accrue while the payments are suspended.
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In a new digital ad and mail campaign, Americans for Prosperity of Ohio (AFP-OH) is publicly thanking Congressmen Steve Chabot (R-01-OH), Jim Jordan (R-04-OH) and Warren Davidson (R-08-OH) for voting against the Bipartisan Budget Act of 2019.
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