ALBAWABA - In a historic development, the United States' national debt has surpassed $33 trillion for the first time. This milestone comes at a time when government expenditures are already under scrutiny, yet Treasury Secretary Yellen has remained notably silent.
Maya MacGuineas, Chair of the Responsible Federal Budget Committee, remarked, "The United States has reached a new milestone that no one can take pride in: our gross national debt has exceeded $33 trillion. To put this in perspective, just forty years ago, the national debt hovered around $907 billion. Meanwhile, the public's debt recently crossed the $26 trillion mark. These colossal figures may leave us numb, but they do not make them any less perilous."
Michael Peterson, CEO of the Peter G. Peterson Foundation, stated, "As lawmakers oscillate between short-term fiscal crises, our national debt continues to accumulate trillions upon trillions. We passed the 32 trillion-dollar debt milestone following the June debt ceiling showdown. Now, a mere three months later, we've crossed the 33 trillion-dollar threshold, all while facing the prospect of another government shutdown."
YELLEN: NO SIGNS OF US ECONOMIC DOWNTURN
US Treasury Secretary Janet Yellen has stated that she sees no signs of the US economy entering a period of decline. However, Yellen cautioned that the failure of Congress to pass laws to keep the government running carries the risk of slowing down economic momentum.
Yellen underscored President Joe Biden's commitment to ensuring that workers "come out ahead" due to strong bargaining and the well-performing sector. She acknowledged that while the labor market remains strong, it has cooled off and is "not as hot as it used to be," which is significant given the goal of reducing inflation to 2%.
Yellen also noted that the Federal Reserve's moves to raise interest rates have begun to affect the housing market, but consumer spending remains "quite strong."
