• The US debt jumped from $32.332 trillion on June 30th to $32.608 trillion on July 31st, marking an increase of more than $276 billion in a month.
• Former Treasury Secretary Hank Paulson is sounding the alarm on America’s rapidly expanding debt and says that the country has the capacity to pay it off but must find solutions soon.
• The Congressional Budget Office (CBO) said that if current trends continue, the US will accumulate $143.895 trillion in debt within three decades.
US Debt Soars
The US national debt jumped by more than $276 billion from June 30th to July 31st, reaching a total of $32.608 trillion according to new numbers from the Treasury Department. This marks an alarming increase in debt levels for one month alone and has led former Treasury Secretary Hank Paulson to express his serious concerns over America’s rapidly growing borrowing binge.
Paulson Urges Urgent Fix
In a recent Bloomberg Television interview, Paulson warned that while the United States has the financial capacity to pay off its debts, immediate action needs to be taken to change existing trends or face increasingly painful solutions down the line. He stated “We need to do some things in the next few years to change that trajectory” and suggested that a combination of spending cuts and increased revenue is necessary for effective control of national debt levels.
CBO Predicts Long-Term Effects
The Congressional Budget Office (CBO) released predictions earlier this summer noting that if current trends continue, US debt will reach a staggering total of $143.895 trillion within three decades – significantly outpacing GDP growth during this time period as well. These warnings are further compounded by Paulson’s urgent call for action which emphasizes just how important it is for Americans across all sectors – including government officials, businesses and individuals – to take responsibility now and start looking towards more sustainable solutions before it’s too late.
Current Debt Levels
As of August 3rd, the federal debt stands at an intimidating figure of $32.604 trillion with no signs of slowing down any time soon unless drastic measures are taken immediately by all stakeholders involved in tackling this issue head-on..
Conclusion
America’s ever-growing mountain of public debt requires urgent attention now or else risk facing dire consequences in years ahead due both to its sheer size as well as its unsustainable rate of growth which can only be contained through responsible fiscal management practices on multiple fronts simultaneously