The growth of the US government’s financial position continues at an incredibly fast pace, as it accumulated over a quarter of a trillion dollars in debt within just two months. Recent data from the Treasury Department’s Debt to the Penny system reveals that the national debt of the country increased from $34.297 trillion on February 21st to $34.571 trillion on April 24th. This indicates a significant rise of $273.859 billion in a span of approximately 60 days.

The current level of US debt is at an all-time high, raising concerns among notable figures such as billionaire investor Leon Cooperman, who believes that the country is gradually approaching a financial crisis. Cooperman points out that the nation missed an opportunity to achieve financial sustainability when it disregarded the recommendations of the Simpson-Bowles report, which was released during the Obama administration in December 2010. The report aimed to prevent a potential financial catastrophe by reducing government spending and increasing revenue to stabilize and decrease the national debt.

Cooperman expressed his concerns in an interview with CNBC, stating, “The debt situation, you’re right, I’m concerned. We have a system of leadership in this country that devolved into a leadership in crisis. On your program a number of months ago, you had Mitt Romney and [Senator Joe Manchin]. They basically endorsed the Simpson-Bowles [report], which was about eight or nine years ago. The only problem is [there is] nothing we’ve done about the Simpson-Bowles report and the problem is three times larger today. But when you have no idea when the stuff hits the fan… If deficits don’t matter as some people insist, then I’m being too conservative. But deficits matter. I think they will ultimately. I think we’re heading into a financial crisis in this country.”

In March, the Congressional Budget Office announced that the federal deficit for the 2023 fiscal year amounted to $1.7 trillion, an increase from $1.4 trillion in 2022.

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