Latest news with #publicdebt
CNET
3 days ago
- Business
- CNET
No, You Shouldn't Venmo the Government to Pay the National Debt. Here Are Better Uses for Your Money
Splitting the national debt bill with Uncle Sam is unrealistic -- and a waste of your hard-earned cash./CNET You know that annoying friend who's always strapped for cash when the bill comes? Yeah, Uncle Sam is that friend. And he wants to know if you could Venmo him some money. In a bizarre twist to the US government's ballooning deficit crisis, the Treasury Department is now accepting "donations" via the digital payment app Venmo to "reduce the public debt," which is currently more than $36 trillion. Needless to say, if every American (including children) pitched in, we'd have to each pay more than $100,000 each to get that balance to zero -- and then the debt would immediately start growing again. Since the news went viral after NPR's Jack Corbett post about it on X, the public response has been, unsurprisingly, not positive. "What in the actual dystopian hellscape is this?" said TikTok user @ Many critics have pointed out that the government already takes a huge cut through taxes, and now the administration is asking for more. Venmo is just the latest voluntary payment option offered by the Gifts to Reduce the Public Debt program, which has been around since 1996. Previously, you were only able to send money to Uncle Sam via a bank account (ACH) transfer, debit or credit card or PayPal. In an economy besieged by high prices, layoffs andother factors beyond your control, improving your household's financial security is a much smarter way to disburse your hard-earned cash. Here are four alternative ways to put your money to better use. 1. Build your emergency fund An emergency fund is your financial lifeline if you're hit with a sudden medical bill, job loss or other large expense. Experts recommend having three to six months' of expenses set aside, but at least two in five Americans don't have any emergency funds saved up at all. Anything you can put away helps -- especially if you put the money in a high-yield savings account where it can grow faster. 2. Donate to your own debt High-interest debt, like credit card and personal loan debt, can cripple your finances for years. Throw everything you can toward your outstanding balances. You'll barely make a drop in the bucket if you contribute to paying off the national debt, but you can significantly improve your financial situation if you focus on your own. 3. Contribute to an HSA or FSA Millions of Americans could lose Medicaid under President Trump's "Big, Beautiful Bill," which is expected to increase the national debt by $3.4 trillion between now and 2034, according to the Congressional Budget Office. Medical debt is the leading cause of bankruptcy in the US. By putting money in a health savings account or flexible spending account, you can make it easier to pay for your medical expenses while enjoying some tax benefits -- something you won't get if you simply hand over your money to the government. 4. Donate to a charity If you feel comfortable with your current financial situation and want to help others with your extra cash, consider donating to a charity where your money can actually make a difference. Charity Navigator and CharityWatch can help you find reputable organizations that match the causes you're passionate about.
Daily Mail
5 days ago
- Business
- Daily Mail
Americans encouraged to Venmo and Paypal the government to pay off national debt
As the US national debt nears $38trillion, the government has proposed a novel way for citizens to help pay off the tab. Americans are being encouraged to make donations with their Venmo and Paypal accounts. The option for a 'gift to reduce the Public Debt' was added to the US Department of the Treasury website a few months ago. It means that philanthropic residents with a burning desire to pay off Uncle Sam's debt will now have the option to use those methods, alongside traditional ones such as account transfers and credit and debit card payments. Allowing citizens to pay off the national debt - among other tabs - is nothing new, as the US Treasury, run by Scott Bessent, has long offered the option since 1996. But it seems they are now tapping into more popular payment systems, like Gen-Z favorite Venmo, to make it more easily accessible for those hesitant to attach their card and bank details. The current national debt stands at $36,721,531,033,602, as of Friday. As the US national debt nears $38trillion, Americans are now being encouraged to help pay off the tab with their Venmo and PayPal accounts Allowing citizens to pay off the national debt - among other tabs - is nothing new, as the US Treasury, run by Scott Bessent, has long offered the option since 1996. But it seems they are now tapping into more popular payment systems, like Gen-Z favorite Venmo It's up $34.5billion from the previous day, Treasury Department numbers show. The debt has grown each year since 2001, where it was at $10.3trillion and it doesn't appear the US will downsize its growing bill anytime soon after passing the Big Beautiful Bill. President Donald Trump's prized bill will add $3.4trillion to the debt over 10 years. The federal government also spent nearly $7trillion in the 2024 fiscal year, but collected approximately $5trillion. The US Treasury Department has burned through cash at a historic rate in March - an alarming signal that may require lawmakers to intervene to prevent the country from defaulting on the national debt. The agency burned through $286billion in the month of March alone. This is the largest single-month drawdown in American history, and it's only rivaled by the Treasury spending $279billion in August 2021 during the height of the pandemic. The change to payment methods was first spotted by NPR's Jack Corbett on X. Though it may seem unlikely that any American citizens would willingly hand the government more money, the feds have garnered $67.3million through the donation program since its inception. Although it may seem like a large amount, the government burns through that it less than a half an hour.
The Guardian
5 days ago
- Business
- The Guardian
Feeling flush? Americans can Venmo government to help pay off US debt
John F Kennedy's sage words from his inaugural address are forever seared into America's political consciousness: 'Ask not what your country can do for you – ask what you can do for your country.' Six decades and some change later, the United States Treasury is keeping Kennedy's spirit alive by offering Americans with a few dollars collecting dust in their Venmo balance a chance to fulfill a new patriotic duty: helping pay off the national debt. The US treasury department has long had a 'Gifts to Reduce the Public Debt' page available for those that dislike traditional charity, feel like they don't pay enough in taxes, or simply want to help the country stay No 1 in an eclectic list of superlatives that includes military spending, Olympic gold medals, prison population, corn subsidies, and healthcare costs. But the new-age, Gen Z-friendly method of payment is a recent addition, first flagged on Twitter by Planet Money's Jack Corbett. A bipartisan punching bag that trades sides of the aisle depending on who's in office and who needs funds earmarked for projects in their state, concern over the national debt is one of few issues that Democrats and Republicans can unite on. Also bipartisan is the debt's growth, which has increased every year since 2001, when it sat at $10.28tn. As of this writing, the debt has ballooned to $36.72tn. America is on track to continue the trend, with the Congressional Budget Office estimating that Trump's Big Beautiful Bill will add $3.4tn to the debt over the coming decade. It is unclear how much money Trump and Elon Musk's 'Doge' saved, although analysis estimates the number at under the advertised $180bn, and a far cry short of the initially advertised $2tn. The federal government spent $6.75tn in Fiscal Year 2024 while collecting $4.92tn in revenue. Highlights of past and present government spending include the $151bn procurement process for the Trump administration's Golden Dome missile defense project, over $2tn on Lockheed Martin's long delayed F-35 fighter jet, and roughly $800bn in annual spending on the Pentagon, which recently failed its seventh audit in a row. Kind-hearted Americans have gone above and beyond their regular tax-paying duties contributing around $67.3m since 1996. That's enough to fund 20 minutes of the US government's spending habit. If Americans could dig into their couch cushions, eat less takeout, and tighten their belts, they might be able to tackle the problem once and for all. It would only take about $107,000 per person, payable via ACH, Paypal, credit or debit card, and now, Venmo.
The Guardian
6 days ago
- Business
- The Guardian
Feeling flush? Americans can Venmo government to help pay off US debt
John F Kennedy's sage words from his inaugural address are forever seared into America's political consciousness: 'Ask not what your country can do for you – ask what you can do for your country.' Six decades and some change later, the United States Treasury is keeping Kennedy's spirit alive by offering Americans with a few dollars collecting dust in their Venmo balance a chance to fulfill a new patriotic duty: helping pay off the national debt. The US treasury department has long had a 'Gifts to Reduce the Public Debt' page available for those that dislike traditional charity, feel like they don't pay enough in taxes, or simply want to help the country stay No 1 in an eclectic list of superlatives that includes military spending, Olympic gold medals, prison population, corn subsidies, and healthcare costs. But the new-age, Gen Z-friendly method of payment is a recent addition, first flagged on Twitter by Planet Money's Jack Corbett. A bipartisan punching bag that trades sides of the aisle depending on who's in office and who needs funds earmarked for projects in their state, concern over the national debt is one of few issues that Democrats and Republicans can unite on. Also bipartisan is the debt's growth, which has increased every year since 2001, when it sat at $10.28tn. As of this writing, the debt has ballooned to $36.72tn. America is on track to continue the trend, with the Congressional Budget Office estimating that Trump's Big Beautiful Bill will add $3.4tn to the debt over the coming decade. It is unclear how much money Trump and Elon Musk's 'Doge' saved, although analysis estimates the number at under the advertised $180bn, and a far cry short of the initially advertised $2tn. The federal government spent $6.75tn in Fiscal Year 2024 while collecting $4.92tn in revenue. Highlights of past and present government spending include the $151bn procurement process for the Trump administration's Golden Dome missile defense project, over $2tn on Lockheed Martin's long delayed F-35 fighter jet, and roughly $800bn in annual spending on the Pentagon, which recently failed its seventh audit in a row. Kind-hearted Americans have gone above and beyond their regular tax-paying duties contributing around $67.3m since 1996. That's enough to fund 20 minutes of the US government's spending habit. If Americans could dig into their couch cushions, eat less takeout, and tighten their belts, they might be able to tackle the problem once and for all. It would only take about $107,000 per person, payable via ACH, Paypal, credit or debit card, and now, Venmo.
The Verge
6 days ago
- Business
- The Verge
Want to pay down the national debt? The US government will take Venmo
US national debt currently exceeds $36 trillion, but if you want to toss a few extra dollars of your own money to try and help bring that down, you can now do so from a Venmo account, as spotted by NPR's Jack Corbett. You can see the Venmo payment option on the Treasury Department's 'Gifts to Reduce the Public Debt' website. There are also options to pay from a bank account, a PayPal account, or with a debit or credit card. Based on Wayback Machine archives, it appears that Venmo was added as a payment method sometime after February 22nd. (At that time, an Amazon account was a payment option, which isn't currently available on the site.) Donors have contributed more than $67 million to this program since September 1998, per Treasury Department data. But when the debt grows at 'just under $55,000 a second,' according to Axios, it might take more than Venmo donations to make a significant dent. And after the passage of Trump's Big Beautiful Bill, the debt is likely going to get even higher. Posts from this author will be added to your daily email digest and your homepage feed. See All by Jay Peters Posts from this topic will be added to your daily email digest and your homepage feed. See All News Posts from this topic will be added to your daily email digest and your homepage feed. See All Tech
