You can now donate via PayPal to lower US's debt
What's the story
The United States Treasury Department has introduced a new way for citizens to help pay down the national debt. Now, people can use digital payment platforms Venmo and PayPal to make donations. The option is available on the "Gifts to Reduce the Public Debt" page on Pay.gov. This initiative comes as concerns grow over US's mounting $36.7 trillion debt, which has increased by 87% since 2010 from $19.59 trillion.
Program skepticism
Program has only received $67.3M in contributions
The donation program, which has been running since 1996, has only received $67.3 million in contributions. Critics have questioned the effectiveness of such donations in reducing the national debt. Samson Mow, CEO of Bitcoin technology firm JAN3, likened this effort to "sending Bitcoin to a burn address." Despite these criticisms, the Treasury Department continues to accept public donations.
Debt increase
'Big, Beautiful Bill' adds to national debt
President Donald Trump's recently passed "Big, Beautiful Bill" is expected to add $3.4 trillion to the national debt over the next 10 years, according to the Congressional Budget Office. The bill has sparked a public feud between Trump and Tesla CEO Elon Musk over its $5 trillion debt ceiling increase. Bridgewater Associates founder Ray Dalio has also raised concerns about the risk of a fiscal crisis if urgent policy changes aren't made.
Fiscal warning
US nearing 'debt death spiral'
Dalio has warned that the US is nearing a "debt death spiral" as debt servicing costs are "severely diminishing purchasing power." He has called for lawmakers to cut the budget deficit from about 7% of GDP to 3%. This could be done via spending cuts and tax increases, he argues. Dalio also raised questions over falling bond sales, a weaker dollar, and rising gold and equity prices.
Deficit outlook
Treasury Secretary's testimony to Congress
Treasury Secretary Scott Bessent has testified before Congress that tax and trade policies will lower the federal deficit over the next decade. He disagrees with the Congressional Budget Office's methodology but cites estimates showing import duties shall generate $2.8 trillion in revenue over 10 years. Bessent also noted almost $100 billion in tariff revenue collected this year, calling it a sign of improvement in fiscal trends.