The United States borrowed $622 billion in the first two months of Fiscal Year (FY) 2025, including $365 billion in the month of November, according to the latest Monthly Budget Review from the Congressional Budget Office.
The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:
The most alarming turkey in November was the federal government’s inability to live within its means. We are only two months into the fiscal year, and we have already borrowed a staggering $622 billion, with $365 billion in the month of November alone. Less than a month ago our national debt reached a new high of $36 trillion, and the threat of even more debt looms large.
As we wait to usher in the new administration, we must not lose sight of our fiscal priorities. We’re less than two weeks away from yet another looming funding deadline. Congress should not use this must-pass bill as an opportunity to make things worse with even more borrowing. We are already spending more on interest on the national debt than we spend on national defense – we should not and cannot allow ourselves to make things worse.
With challenge comes opportunity; lawmakers have the chance to end the year on the right path by avoiding both a wasteful shutdown and a borrowing binge. Just as the year-end is a time to reflect and commemorate, it is also the final chance to end the year on a positive foot. With collaboration from lawmakers, we will be able to close 2024 with both holiday joy and fiscal responsibility.
