Sen. Warner: Neither Party Has ‘Any Credibility on Responsible Debt Reduction’ When asked to predict when the federal government will pay off the $3.78 trillion debt accumulated so far this fiscal year, Senator Mark Warner (D-Va.) said neither the Democrats nor the Republicans have any credibility “on responsible debt reduction.â€
At the U.S. Capitol on Thursday, CNS News asked Senator Warner, “In the fiscal year 2020, the federal debt has increased by $3.78 trillion. When do you predict that the government will pay off this year’s debt?
Sen. Warner replied, “As somebody who has spent years working on this issue, I think both political parties have lost any credibility on responsible debt reduction.â€
The fiscal year runs from October 1 through September 30. At the close of the 2019 fiscal year on September 30, 2019, the national debt was $22,719,402,000,000. On August 4, 2020, the national debt was $26,503,236,000,000.
That is an increase of $3,783,834,000,000 in a little less than one fiscal year.
The current federal deficit, according to the Daily Treasury Statements, has already surpassed the predicted amount for fiscal year 2020. ............
https://www.cnsnews.com/article/washington/andrew-davenport/sen-warner-neither-party-has-any-credibility-responsible-debt