2 thoughts on “Which nation would you expect to screw up their national debt?

  1. Update says:

    WASHINGTON – The national debt surpassed $22 trillion for the first time on Tuesday, a milestone that experts warned is further proof the country is on an unsustainable financial path that could jeopardize the economic security of every American. https://www.usatoday.com/story/news/politics/2019/02/12/national-debt-tops-22-trillion-first-time-ever/2849978002/
    The Treasury Department reported the debt hit $22.012 trillion, a jump of more than $30 billion in just this month.
    The national debt has been rising at a faster rate following the passage of President Donald Trump’s $1.5 trillion tax-cut package a little more than a year ago and as the result of congressional efforts to increase spending on domestic and military programs. The nation has added more than $1 trillion in debt in the last 11 months alone.

  2. Billion$ says:

    “US defense officials previously feared that rising interest rates and growing federal debt would push the government’s net interest costs so high that they would squeeze out funding available for personnel, training, equipment, modernization, maintenance, and more. Interest rates are now higher and the debt is now larger, but Pentagon budget officials are no longer worrying about either.” (Jane’s 3/13/19) https://www.janes.com/article/87202/pentagon-budget-2020-dod-officials-appear-sanguine-on-growing-national-debt “The White House on 11 March requested USD750 billion in discretionary national defense funding for fiscal year 2020 (FY 2020), with USD718.349 billion for the US Department of Defense (DoD) and about USD32 billion for other national security efforts. The national defense budget – as well as the ‘domestic’ budget – is legally capped by the 2011 Budget Control Act. However, the White House’s Office of Management and Budget (OMB) instructed the Pentagon to use the uncapped Overseas Contingency Operations (OCO) account to bypass the legislated limits, which were meant to lower discretionary spending and begin lowering the US public debt. Pentagon officials said about USD97.9 billion was shifted into the unlimited OCO account. Interest payments on the national debt represent the fastest growing part of the US federal budget, and they are projected to grow 2.6-times as much as total spending by 2024, and 1.9-times as much by 2029, according to OMB’s budget submission. Said another way, OMB projected that in 2024 annual interest on the national debt would be about USD709 billion, which would be higher than the projected discretionary national defence spending (USD698 billion).

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