(DailyEmailNews.com) – Making history for all the wrong reasons, the Biden-Harris administration’s reckless spending spree has pushed America’s budget deficit to a staggering $1.8 trillion, the third-highest in our nation’s history.
The Treasury Department’s recent announcement reveals the shocking truth: our budget deficit has ballooned by $138 billion in just one year.
This is a direct result of the Democrats’ unchecked spending and misguided policies that prioritize wasteful programs over fiscal responsibility.
While the White House tries to deflect blame onto Congressional Republicans, the numbers do not lie.
The deficit as a percentage of GDP has climbed to 6.4%, up from 6.2% in 2023. This reckless trajectory puts America on a path to financial ruin, with our children and grandchildren left to foot the bill.
One of the most alarming aspects of this crisis is the skyrocketing cost of interest on public debt.
Thanks to the Biden-Harris administration’s inflationary policies, interest payments have surged by nearly 30%, exceeding $1 trillion for the first time in history.
This means that hardworking taxpayers are now forced to shell out more money just to service our debt rather than funding essential services or keeping more of their hard-earned cash.
Despite the alarming revelation, Treasury Secretary Janet Yellen spun the narrative to say that the U.S. economy remains strong as a result of the Biden-Harris administration’s policies.
Yellen’s attempt to spin this economic catastrophe as a success story is an insult to every American currently struggling to make ends meet.
The reality is that our nation’s borrowing has spiraled out of control, with federal borrowing from the public increasing by a jaw-dropping $2.0 trillion to reach $28.2 trillion.
This means our debt-to-GDP ratio has climbed from 96% to 98%, pushing us dangerously close to the point of no return.
As Election Day approaches, Americans will have the opportunity to determine the nation’s fate.
The election is expected to be about more than just choosing a president; it is also likely to decide the country’s financial future.
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