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US debt set to soar above Italy and Greece after Trump’s ‘big, beautiful bill’
While the European countries have brought their spending under control, the US president’s tax cuts and defence spending will lead to increased borrowing
Phillip Inman
Mon 27 Oct 2025 09.42 EDT
Taxes, Spending & Debt: Is America Going Broke?
Why do we pay taxes? Where does all of that money actually go? And is the U.S. government collecting and spending our money wisely? Ben Sheehan takes a cold, hard look at America’s finances. What is the history of taxing and spending? Who gets to decide how much money we owe? Why are some spending items in the budget ‘required’ while others are merely optional? And how bad is U.S. debt really? Be honest…
Trump Is Right: The Federal Reserve Is Crazy And Here Are 101 Reasons Why It Should Be Shut Down
Trump Is Right: The Federal Reserve Is Crazy And Here Are 101 Reasons Why It Should Be Shut Down
By Michael Snyder
Donald Trump just made one of the most brilliant moves of his entire presidency. By accusing the Federal Reserve of “going loco”, he is placing the blame for the coming stock market crash and horrifying economic downturn squarely where it belongs, and he is firing up millions of true conservatives among his base at the same time. For many, many years, a lot of us have been…
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The U.S. national debt – which stood at $19.845 trillion as of July 31 – is now bigger than the country's gross domestic product. Read a primer on the national debt, the debt limit and interest payments on the nation’s credit line.
Trump falsely claimed that he lowered the national debt by $12 billion.
Early this morning (Saturday, February 25), President Donald Trump took to Twitter to brag about the decrease in the national debt since Inauguration Day.
"The media has not reported that the National Debt in my first month went down by $12 billion vs a $200 billion increase in Obama first mo," Trump wrote.
One might wonder where Trump was getting those figures. As The Hill points out, those exact numbers were shared by the conservative blog, Gateway Pundit on Thursday, February 23. Their report reads, "On January 20th, the day of the Trump Inauguration, the US Debt stood at $19,947 billion. On February 21st, a month later, the US Debt load stood at $19,935 billion. Trump cut the US Debt burden by $12 billion and 0.1% in his first month in office!" Incidentally, the same report was repeated on Fox News by Herman Cain – just a little while before Trump's tweet.
The media has not reported that the National Debt in my first month went down by $12 billion vs a $200 billion increase in Obama first mo.
— Donald J. Trump (@realDonaldTrump) February 25, 2017
On @ffweekend, @THEHermanCain slammed the media for not reporting on positive statistics from @POTUS's first month in office. pic.twitter.com/eiDsxITKQB
— Fox News (@FoxNews) February 25, 2017
However; despite the fact that the specific numbers check out, Politifact released a report this afternoon explaining that Trump's claim was "highly false" – a conclusion that contains several underlying factors.
To start, Trump hasn't passed any orders pertaining to the budget since he took office. As economist Dan Mitchell explained, "Considering that Trump hasn’t enacted any fiscal legislation, it’s a bit of a stretch for him to take credit for any changes in debt levels." Mitchell also added that the debt levels tend to fluctuate in a short-term time period.
Furthermore, Trump's proposed plans for the country are likely to increase the national debt – by a lot. A recent report from the Council on Foreign Relations determined that Trump's campaign promises could significantly broaden the budget deficit. The report cites Trump's pledge to "rebuild our military" which includes the addition of 50,000 soldiers, an expansion of the Navy's fleet, and the addition of planes to the Air Force – a plan that, to date, has not contained cost estimates.
Trump has also called for major spending in the area of infrastructure; his proposed plan might cost up to $1 trillion dollars, with tax breaks as incentives that might add up to $137 billion. And, of course, there is the issue of Trump's border wall, which is estimated to cost anywhere between $12 to $25 billion.
As the icing on the cake, Politifact notes that the current dip in the national debt might actually be the work of former President Obama. According to Donald Marron, Director of Economic Policy Initiatives at the Urban Institute, the Obama administration left cash on hand for Trump's team, which allows them to run the government without borrowing a significant amount. Their official conclusion? Trump overtly misrepresented the state of the national debt, as well as the role his administration had in the current numbers.
Thank you, Teen Vogue.
U.S. Debt Owed To Other Countries
Germany $97 Billion
Mexico $103 Billion
South Korea $125 Billion
Saudi Arabia $138 Billion
Norway $158 Billion
Brazil $202 Billion
India $219 Billion
Singapore $249 Billion
Hong Kong $255 Billion
Taiwan $282 Billion
Switzerland $289 Billion
France $332 Billion
Ireland $ 336 Billion
Belgium $375 Billion
Canada $379 Billion
Cayman Islands $419 Billion
Luxembourg $424 Billion
The United Kingdom $723 Billion
China $759 Billion
Japan $1 Trillion
Americans are living in a false prosperity fueled by debt, trading future security for instant gratification. Prepare now for the inevitable reckoning ahead.
Americans are living in a false prosperity fueled by debt, trading future security for instant gratification. Prepare now for the inevitable reckoning ahead.
