US national debt exploded to $33 trillion in Sept

The US national debt exploded to $33 trillion in September, with the budget deficit doubling to $2 billion. And the debt is rising at a faster clip even as the House struggled with the speakership and the bickering over spending cuts between Democrats and Republicans continued unabated.The national debt surpassed $33 trillion in September, and it’s rising at an ever faster clip. In the last fiscal year, the deficit doubled to about $2 trillion, USA TODAY reported.“We’re in trouble, despite what the President keeps touting about ‘Bidenomics’,” financial writer Ingrid Jacques wrote in USA TODAY.Biden is trying to sell ‘Bidenomics’, but Americans can’t afford the President’s agenda, she said, adding that leading financial institutions have noticed the same too.Last weekend, Moody’s Investors Service downgraded its US credit rating outlook to “negative” from “stable”, given the high deficits and the increased costs of managing the debt, media reports said.This follows an actual credit rating downgrade from Fitch Ratings earlier this year.The GOP needs to think big or go home. The budget bickering is nothing new and the Congress has been dysfunctional for decades, said Maya MacGuineas, President of the Committee for a Responsible Federal Budget.”Neither party wants to take responsibility for our unsustainable debt – or make the tough decisions necessary to make things better – so they keep piling on the bad decisions,” she said.“The budget process is absolutely broken,” MacGuineas said.Rather than wasting time with infighting, Republicans should make clear the dangers of the skyrocketing debt, she said.Primarily, the President and the Congress should help the formation of a bipartisan fiscal commission, which as per experts and legislators is the best solution for making a dent in spending. The idea is that it would take extreme partisanship out of making necessary budget cuts and offer political cover for lawmakers to sign on.