Dear Truthout Community,
Today could very well go down in history as a turning point, as the US Treasury hits the debt ceiling, the US government’s legal borrowing limit.
There is a simple truth that is not discussed elsewhere in the media’s budget sideshow:
We're borrowing that money from rich Americans and corporations – instead of taxing them like we used to. As of January, over 42 percent of our debt was owned by people and institutions in the United States!
The rich and powerful in the US are perfectly happy with deficit spending – they love lending money instead of actually having to pay taxes. By conveniently avoiding this fact, the media discussion can be full of bombast and political posturing between the two parties, without ever getting to the truth.
As the right-wing forces in both parties push for social spending cuts and as “moderate” politicians cower in fear, Truthout will continue to stand with those who work to solve budget problems with logical and ethical solutions. With your help, we'll keep bringing you the powerful analysis and news that will empower a real discussion.
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The choices are simple – we can either take care of our country and our fellow Americans with compassionate policy, or we can live in a plutocracy governed by scarcity, fear and neglect. Help us spread the message and activate this morality for our shared future.
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Our most important fundraising appeal of the year
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This year is a little different. We are up against a far-reaching, wide-scale attack on press freedom coming from the Trump administration. 2025 was a year of frightening censorship, news industry corporate consolidation, and worsening financial conditions for progressive nonprofits across the board.
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