US Treasury Adds $104 Billion to National Debt in One Day
US Treasury Adds $104,000,000,000 To National Debt in One Day As Total Outstanding Debt Shatters Record High at $35,951,000,000,000
Daily Hodl Staff November 4, 2024
The US national debt just hit a new record high after the Treasury Department added $104 billion to its outstanding balance in a single day.
The Treasury’s Debt to the Penny database shows the government’s pile of debt is close to $36 trillion, clocking in at $35.951601173936 trillion.
The US shattered the $35 trillion barrier in late July.
The grim milestone comes as a study from the nonpartisan Committee for a Responsible Federal Budget shows both presidential candidates will add trillions more to the national debt.
The CRFB says a Harris presidency could add $3.5 trillion to the debt over ten years, while a Trump presidency could add 7.75 trillion in the same time frame.
However, the agency warns its models have a wide range of possible spending outcomes.
“Our estimates come with a wide range of uncertainty, reflecting both different interpretations and estimates of the policies.
Under our low- and high-cost estimates, we estimate Vice President Harris’s plan could increase debt by between $300 billion and $8.30 trillion through 2035, while President Trump’s plan could increase debt by between $1.65 and $15.55 trillion.”
The agency says its estimates reflect the “expected fiscal impact” of the policies that the candidates have laid out on their campaign websites, official announcements, white papers and social media posts.
“The national debt currently stands at 99% of Gross Domestic Product (GDP) and is projected to grow from 102% of GDP at the start of FY 2026 to 125% by the end of 2035 based on the Congressional Budget Office’s (CBO) current law baseline.
The debt will exceed its record as a share of the economy – 106% set in 1946 – in just three years. Debt would continue to grow faster than the economy under either candidates’ plans and in most scenarios would grow faster and higher than under current law.”
Source: The Daily Hodl
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Mnt Goat …when you go to the bank to exchange the US Treasury is going to fund the initial exchange for the bank. It is all electronic…The US Treasury will own then own dinar. These banks will then turn a profit with the US Treasury for being the broker in the exchange. It will benefit them to collect as much of the 3 zero notes as possible…The US Treasury will keep a certain amount of the three zero notes for inter-banking and global trade with Iraq… Iraq has already guaranteed oil credits at so much a barrel…The US Treasury fully intends to also sell these oil credits at a profit margin to other countries needing the Iraq oil. I have asked my CBI contact multiple times on the fixed credit rate and I got varied amounts from $30 – 35 a barrel. So, it is not like Iraq has to shell out trillions back to the US to cover the cost of the funds for the exchanges…
Frank26 [Iraq boots-on-the-ground report] FIREFLY: These exchange centers, they are dealing in dinars right now. What they’re doing is taking in the old three zero notes that we citizens have been holding on to for years…and putting that into the electronic platform. We have paper to show us what we have in the bank. It’s the new electronic system. FRANK: The reason for it is because those numbers at a flip of a switch will be recalculated with the new exchange rate and credited to the citizens of Iraq…Dinar mattresses…you know very well what this means…The fact that they found a way to bring them in is just fantastic news. This just speeds it up.
Tishwash: The slogan “Made in Iraq” .. This is what it needs to achieve “real impact”
Economic expert Safwan Qusay confirmed that the slogan “Made in Iraq” will not achieve a real impact unless the appropriate financial tools are provided to enhance local industrial production.
Qusay said, “Recovering the due funds will contribute to expanding the scope of the Industrial Bank’s influence in supporting the national industrial machine,” adding that “Iraq is in dire need of specialized loans to support various industries such as tourism, entertainment, and the fishing industry, as these areas generate revenues that contribute to strengthening capital.”
Qusay explained that “the government’s support for local industry is not a paragraph placed in the general budget, but rather it can be done through purchasing local products for federal ministries, with the ministries’ allocations being transferred to the Ministry of Industry.”
He pointed out that “the Industrial Bank needs a larger capital than announced, noting that achieving this goal can be done by recovering part of the debts due on some industrial loans and supporting projects affiliated with the Ministry of Industry through investments from the private sector.”link
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Iraq CBI Reveals Plan-Argentina’s Currency Investment
Edu Matrix: 11-5-2024
In this video, we dive into Iraq’s recent digital banking initiatives to increase financial transparency and cybersecurity. With Central Bank Governor Ali Al-Allaq advocating for digital innovation, Iraq is emerging as a leader in the Middle East’s digital financial sector, setting the stage for future developments in digital currency.
The video also shares insights into Argentina’s Central Bank’s activities and the currency status for investing purposes. The president of Argentina is slowly getting rid of the country’s shadow government to bring the country’s finances into alignment.
Sources: US News Money / Reuters / Buenos Aires Times / Yahoo Finance
https://www.youtube-nocookie.com/embed/mfLjIYwkCGI?feature=oembed&enablejsapi=1
