Via SchiffGold.com,

Since the end of the fake debt ceiling fight on June 2, the Treasury has borrowed an additional $700 billion pushing the national debt over $32 trillion. Looking at the interest rates on this new debt, it becomes clear that the US government has a big problem.

The surge in borrowing in the wake of the debt ceiling deal was expected. The Treasury is playing catch-up after nearly six months up against its borrowing limit. But even after the Treasury replenishes the federal government's checking account (called the Treasury General Account or TGA at the New York Federal Reserve Bank), borrowing won't suddenly stop.

The debt ceiling deal supposedly cut spending, but we know actual spending will continue to rise. Given that the Biden administration is blowing through an average of $500 billion each month and running massive deficits month after month, it's clear the misnamed  "Fiscal Responsibility Act" did nothing to address the root problem.