(CNS News) – 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.”
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.”
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.