US Debt Surges by 876 Billion in Six Months Former CIA Director Warns National Security Threat

Coin World Report:
U.S. national debt is growing at an astonishing rate.
New data from the Treasury Department shows that America’s outstanding debt surged from $33.99 trillion on January 2nd to $34.866 trillion on July 2nd.
This represents an increase of $876 billion in just six months.
The ballooning debt burden of the U.S. government has caught the attention of former Secretary of State and former CIA Director Mike Pompeo.
In a new post at the American Center for Law and Justice (ACLJ), a nonprofit organization based in Washington, Pompeo stated that the country’s ever-expanding debt now poses a threat to national security.
Pompeo cited data from the nonpartisan federal agency Congressional Budget Office, warning that the budget deficit for the 2024 fiscal year is projected to reach $2 trillion, $300 billion higher than last year’s $1.7 trillion deficit.
“Last year, our national debt was 97.3% of GDP; the Congressional Budget Office now estimates that in ten years, it will balloon to 122% of GDP. As a nation, our debt will exceed the total wealth of our economy – the largest, most vibrant, and most powerful economy in the world,” Pompeo said.
The former Secretary of State noted that the record-high levels of debt in the country could lead to a devaluation of the dollar and open the door for America’s competitors to gain more influence on the global stage.
“In the long run, sustained high debt, interest rates, and inflation could weaken the value of the dollar – a disastrous outcome that would only benefit America’s adversaries in Beijing, Moscow, and Tehran as they seek to shift the global economy away from the United States.”
Pompeo emphasized that no business or country, regardless of size, can escape the fatal effects of deficit spending.
“It’s a fundamental fact: no matter how large or wealthy a company is, deficits only lead to failure. Our federal government has forgotten this fundamental fact. We must realize the threat that America’s growing national debt poses to our country’s future, or it will be too late.”
Don’t miss a beat – subscribe to have email alerts sent directly to your inbox
Check out price action
Follow us on X, Facebook, and Telegram
Surf The Daily Hodl Mix
Generated image: midway.