Cost of Financing U.S. Debt Soars Past $1 Trillion

Ken Silva
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Cost of Financing U.S. Debt Soars Past $1 Trillion

(Ken Silva, Headline USA) It now costs the U.S. government $1 trillion to merely pay for the interest on its skyrocketing national debt, which is nearly $34 trillion.

Bloomberg published an analysis on Tuesday, estimating that annualized interest payments on the U.S. government debt climbed past $1 trillion as of the end of October. That projected amount has doubled in the past 19 months, according to Bloomberg.

Bloomberg explained that the estimated interest expense is calculated by looking at the government’s monthly outstanding debt balances and the average interest it pays.

Interest costs in the fiscal year that ended Sept. 30 were reportedly $879.3 billion, up from $717.6 billion the previous year.

But those costs are expected to skyrocket as low-interest treasury bills mature and the government refinances them at the current, higher interest rate. Interest rates on a 10-year bill are nearly 5%, whereas they were less than 2% a decade ago.

The Federal Reserve has indicated that it will continue to raise interest rates in an attempt to fight inflation. This has the U.S. government in a nasty spiral, whereby it must borrow even more just to finance its interest payments.

“There will be further increases to Treasury coupon auctions and T-bills outstanding going forward,” stated Bloomberg Intelligence strategists Ira Jersey and Will Hoffman.

“Besides deficits of over $2 trillion in the foreseeable future, climbing maturities following the increase of issuance from March 2020 will also need to be refinanced.”

Economist Daniel Lacalle noted that the debt crisis puts otherwise rosy economic data in a grim perspective. Real GDP growth was allegedly nearly 5% in the third quarter, unemployment remains lower than 4% and consumer spending grew at a 4% annualized rate.

“A large part of the growth in GDP came from bloated government spending financed with more debt and inventory revaluation, adding 0.8 and 1.4 percentage points to GDP growth. Many of these temporary effects will revert in the fourth quarter,” Lacalle wrote for the Mises Institute.

The increase in gross domestic product between the third quarter of 2022 and the same period of 2023 was a mere $414.3 billion, according to the Bureau of Economic Analysis, while the increase in public debt was $1.3 trillion,” he added.

“The United States is now in the worst year of growth, excluding public debt accumulation since the thirties.”

Ken Silva is a staff writer at Headline USA. Follow him at twitter.com/jd_cashless.

Beshear Bests Rising GOP Star in Low-Turnout Ky. Gubernatorial Race as Some Cry Foul

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Beshear Bests Rising GOP Star in Low-Turnout Ky. Gubernatorial Race as Some Cry Foul

(Steve Bittenbender, The Center Square) Kentucky Gov. Andy Beshear won a second four-year term Tuesday as voters chose the Democrat over Attorney General Daniel Cameron, his Republican challenger.

Cameron, who is black, became one of several rising stars in the GOP who spoke during the 2020 Republican National Convention highlighting the party’s growing diversity and appeal amongst black and Hispanic voters in particular.

Recent polls have continued to show GOP frontrunner Donald Trump gaining ground with minority demographics. However, Cameron failed to muster enough interest to unseat the incumbent Democrat governor in a low-turnout off-year race, which saw only about 30% of Kentuckians head to the polls.

While Republicans elsewhere were ensnared by Democrat rhetoric over abortion, the party’s biggest takeaway in Kentucky appeared to be the need for a greater emphasis on early voting—something that has been a point of considerable controversy due to the potential that absentee ballots create for fraud and other abuse.

Nonetheless, it was in votes cast prior to election day where Beshear was able to pad his own margin of victory, despite a greater turnout Tuesday for Cameron.

In circumstances that disconcertingly echoed other recent elections—including the chaotic 2020 presidential election in several swing states and Arizona’s Maricopa County election for governor in 2022, some alleged that a gas leak had suspiciously extended voting hours in a Democrat heavy district.

Others pointed to what appeared to be additional inconsistencies in the final tally.

Overall, Beshear held 54% of the vote, according to the Kentucky Secretary of State’s website when the Associated Press called the race at 8:57 p.m. Eastern time Tuesday. That was with 96 of the 120 counties fully reporting.

With few races up for grabs in this year’s cycle, Kentucky’s gubernatorial election drew significant national interest. Millions of dollars were thrown into the race by both campaigns and political action committees supporting the candidates.

Tuesday’s election was expected to be a close race, with recent polls showing the race tied or with the incumbent holding a narrow lead.

Yet, Beshear, who won his first term in 2019 by slightly more than 5,000 votes, was on track to outperform that result. Early vote totals showed Beshear improving in several counties where he barely won four years ago.

Once again, Beshear, who turns 46 later this month, will be the state’s top executive, while Republicans hold supermajorities in both General Assembly chambers and can easily override any of his vetoes.

However, despite that, Beshear remained a highly popular governor. Over the summer, a Morning Consult poll showed he had a 64% approval rating. That ranked fourth among all governors and the top among Democratic leaders.

After taking office in December 2019, Beshear was thrust into the public spotlight just months later as the COVID-19 outbreak hit the country. Since then, the state has withstood two of the worst weather tragedies in its history.

While many Kentuckians approved of his policies during the pandemic and other emergencies, he angered many social conservatives by trying to close down churches during the early days of the crisis. Some touted the governor dispatching state police troopers to churches during Easter services to write down license plate numbers as an over-the-line step.

He also butted heads frequently with Republican lawmakers who questioned whether Beshear had the power to implement all of his orders. The General Assembly ultimately passed new laws curbing that authority, and those laws withstood a challenge by the governor in a landmark Kentucky Supreme Court case.

Beshear, though, campaigned as a centrist for the most part in this year’s election. He decried Republican stances on Medicaid, education spending and abortion. On the latter issue, Beshear hit Cameron by saying the attorney general wanted no exceptions for women, including those who became pregnant through rape or incest.

The governor also touted his work across the aisle on several major initiatives—including passage of bills to legalize medical marijuana and sports betting.

Cameron, who had strong backing from former President Donald Trump, will be out of office come January. Still, he turns 38-years-old Nov. 22, so he remains a rising star in Republican politics.

It’s expected he will seek another major office, perhaps running as U.S. Sen. Mitch McConnell’s replacement, should the Senate minority leader and Cameron mentor opt against running again in 2026.

Earlier in the night, AP called the secretary of state race for incumbent Republican Michael Adams and the auditor’s race for Allison Ball, the two-term Republican state treasurer who won her third state race since 2015.

Ohio Voters Pass Constitutional Amendment to Safeguard Abortion

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Ohio Voters Pass Constitutional Amendment to Safeguard Abortion

(J.D. Davidson, The Center Square) Ohio voters easily approved Tuesday a constitutional amendment that enshrines the right to have an abortion.

The Associated Press called the election for Issue 1 shortly after 9 p.m. with a little less than 25% of precincts reporting and approval leading 57.4% to 42.6%.

Ohio became the seventh state to protect abortion after the U.S. Supreme Court overturned Roe v. Wade in June 2022.

“Together, Ohioans United for Reproductive Rights passed Issue 1 and put Ohioans back in charge of their personal decisions about pregnancy and abortion,” said Lauren Blauvelt, campaign co-chair of Ohioans United for Reproductive Rights and vice-president of Planned Parenthood of Greater Ohio.

“We successfully enshrined the right to reproductive freedom into the Ohio Constitution,” Blauvelt continued. “Ohioans rejected disinformation and fear and voted instead to ensure that every Ohioan has access to the reproductive healthcare they need here in our state.”

Several counties—including Hamilton, Delaware, Mahoning, Butler, Warren and Clermont—that easily went for Republican Donald Trump in the 2020 presidential election voted to approve the abortion amendment Tuesday.

Issue 1 guarantees an individual the right to make reproductive decisions and carry out those decisions, including those about birth control, fertility treatments, miscarriage and abortion.

The state still has the power to regulate abortion after fetal viability, with exceptions for the life or health of the mother based on a determination by a physician.

Republicans, however, said Tuesday the abortion question remains open.

“As a 100% pro-life conservative, I remain steadfastly committed to protecting life, and that commitment is unwavering,” House Speaker Jason Stephens said.

“The legislature has multiple paths that we will explore to continue to protect innocent life,” he added. “This is not the end of the conversation.”

The passage of Issue 1 stops the 2019 heartbeat bill passed in Ohio that ended abortion when a fetal heartbeat was detected, with no exceptions for rape, incest or the health of the mother.

The law went into effect when the U.S. Supreme Court overturned Roe v. Wade in June 2022. Implementation has been on hold because of lawsuits.

It was basically the second time in three months voters approved the right to an abortion.

After a citizen-led organization met the threshold to put abortion on the November ballot, abortion foes and Republicans pushed a measure that would have increased the threshold to pass a constitutional amendment.

In an August special election that cost taxpayers more than $15 million, voters overwhelmingly rejected a requirement that 60% majority is needed to pass a constitutional amendment.

Senators Demand to Know How Army Missed Maine Mass Shooter’s Warning Signs

Ken Silva
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Senators Demand to Know How Army Missed Maine Mass Shooter’s Warning Signs

(Ken Silva, Headline USA) Maine’s U.S. senators have written a letter to top Defense Department officials, seeking answers as to why the Army didn’t respond to the numerous mental health-related signs displayed by reservist Robert Card, who allegedly killed 18 people last month in two separate shootings.

The warning signs of Card’s declining mental health were loud and clear: The shooter reportedly threatened to shoot up a National Guard base earlier this year, had reported “hearing voices and threats to shoot up” the military base, and had been committed to a mental health facility for two weeks in the summer.

Moreover, the Army directed that while on military duty, Card should not have a weapon, handle ammunition or participate in live-fire activity. This directive occurred just a little over two months before Card allegedly perpetrated the largest mass shooting in Maine history.

“Despite these warning signs and others, there was no apparent attempt to trigger the crisis intervention laws in New York (where Mr. Card was training and hospitalized) or Maine (where Mr. Card resided),” Sens. Susan Collins, R-Maine, and Angus King, I-Maine, said in a Nov. 2 letter to Defense Secretary Lloyd Austin, Army Secretary Christine Smith and Army Inspector General Donna Martin.

Maine Gov. Janet Mills has created an independent commission to evaluate the events surrounding the mass shooting. Sens. Collins and King said they were doing their part to find answers on the federal level.

Along with requesting a comprehensive investigation by the Army, the senators submitted a list of questions to the Pentagon officials.

Questions include what concerns were raised by Army personnel about Card’s mental health, what actions were taken in response to those concerns, and whether there was anything the Army could have done to prevent the mass shooting.

Additionally, the senators want to know whether all Army regulations were followed in relation to Card, and whether the Army considered invoking state crisis-intervention laws to temporarily disarm him.

Finally, the senators want to know what reforms the Army plans to impose to prevent future tragedies.

According to initial reports, Card was found dead on Oct. 28 in the woods with two gunshot wounds to the head. However, media later changed their story, reporting that Card was discovered in a dumpster with only one, apparently self-inflicted gunshot wound.

Of course, initial reports are often incorrect when it comes to quickly developing events such as mass shootings. But in this case, the media that initially reported two gunshot wounds have stealth-edited their articles, rather than issuing corrections explaining why the initial “error” was made.

Ken Silva is a staff writer at Headline USA. Follow him at twitter.com/jd_cashless.

Dems Take Victory Lap after Narrow Wins to Secure Va. Legislature

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Dems Take Victory Lap after Narrow Wins to Secure Va. Legislature

(Sarah Roderick–Fitch, The Center Square) Virginia Democrats are taking victory laps after securing narrow majorities in both legislative chambers—flipping the House of Delegates and essentially paralyzing Gov. Glenn Youngkin’s agenda.

In unofficial results just before 7 a.m. Wednesday morning, Democrats had majorities of 21-19 in the Senate and 51-49 in the House of Delegates. All seats were on the ballot. Only three Senate precincts and four House precincts were yet to report; both chamber majorities had been called by the Associated Press.

Pivotal to the House flip were wins by Michael Feggans over incumbent Karen Greenhalgh in Virginia Beach, and Joshua Cole over Lee Peters in Stafford County.

A closely-watched race in Henrico County went to Republican David Owen over Democrat Susanna Gibson, an embattled candidate linked to internet pornography.

Democrats bet heavily on touting abortion as a winning strategy following the GOP’s dismal performance in last year’s midterm elections, a strategy that also worked in Ohio where the issue was an amendment on the ballot.

In contrast, Republicans hoped highlighting parental rights would garner similar results as it did in the 2021 elections—catapulting the commonwealth’s GOP leadership into the national spotlight.

Republicans’ plans to reverse course from following California’s 2035 gas vehicle ban and approving a 15-week abortion ban will have to wait. Virginia will be the only state in the South without abortion restrictions.

“Voters across Virginia voted for leadership that will protect their abortion rights, keep guns out of the wrong hands, and lower costs for Virginia’s families,” said Susan Swecker, chairwoman of the Democratic Party of Virginia, in a statement. “Thank you to all the voters who showed up at the polls and voted for our Democratic candidates.”

In addition to underscoring abortion, Swecker accused Republicans of trying to suppress votes in the commonwealth.

She said voters rejected “right-wing MAGA extremism,” echoing national party talking points. Swecker congratulated the party for holding the “blue brick wall” in Virginia.

Dave Rexrode, chairman of Youngkin’s political action committee, said on social media the results would be assessed on Wednesday. The governor predicted a legislative sweep for his party after polls closed.

“We had hoped for a stronger outcome this evening but are proud of the effort all of our candidates put in to these extremely competitive districts,” he wrote on social media.

Trump N.Y. Judge Posted Nudes to Alumni Group; Ga. Sheriff Starred in Porno

Ben Sellers
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Trump N.Y. Judge Posted Nudes to Alumni Group; Ga. Sheriff Starred in Porno

(Ben Sellers, Headline USA) When New York judge Arthur Engoron was caught mugging for MSNBC’s cameras early in former President Donald Trump’s civil trial, it was a red flag to many that the far-left judge’s focus might not entirely be on due process and the equal application of justice.

What few, other than a select group of Wheatley School alumni, may have been aware, however, was that Engoron had prior experience in his private life moonlighting as an amateur nude model—and posting the seemingly unsolicited photos to his high school newsletter.

The images, including several torso pictures, appeared on Twitter Tuesday via Marco Polo, an account run by former White House aide Garrett Ziegler that is best known for having published the entire contents of Hunter Biden’s laptop online and in manuscript form.

Although none of the Engoron photos showed any direct nudity, Twitter—which has yet to remove the graphic child pornography of a convicted pedophile from another account previously reported on by Headline USA more than a year ago—had placed the images behind a “sensitive content” filter and prohibited the direct embed of Ziegler’s original post.

Other Twitter users confirmed that Engoron was a member of the Wheatley alumni group where the images originated.

Headline USA reached out to Engoron at the provided email addresses and will update with any response.

In addition to the scandal surrounding the New York judge, which broke just as Trump was taking the stand for several hours of fiery and confrontational testimony in the civil trial, Marco Polo dropped another bombshell on Tuesday concerning the Fulton County sheriff who forced Trump to stand for a now iconic mugshot.

Sheriff Pat Labat was the “bottom” in an episode of a gay, softcore pornographic series known as The Closet, Marco Polo reported.

“Given Labat’s love for the visual, you will find with little surprise—we are sure—that he posed for the camera himself,” noted Ziegler on the Marco Polo Substack blog.

In the episode, titled “Groomsmen,” Labat is told to “get [his] fine ass under” series star Nathaniel Bullock’s character, Raphael Joseph.

The website for the series appeared to have gone offline, as had previously archived versions of it on the internet “Wayback Machine,” which has ties to censorious left-wing propagandist Taylor Lorenz of the Washington Post.

Twitter once again put Marco Polo’s tweets behind a “sensitive content” screen and prevented them from being embedded off-site, and it appeared YouTube likewise had made the specific episode unavailable after the story broke.

However, the post noted that a wealth of information remained available in archived online sites that previously touted Labat’s involvement.

Left-wing media appeared to gleefully celebrate the fact that Trump might have to personally face booking at the Fulton County jail, where the substandard conditions have reached the level of scandal in their own right following several recent prison deaths.

One of his 18 codefendants in the Fulton County case, Harrison Floyd, was forced to spend several days in lockup there after voluntarily turning himself in after some question arose over his bail eligibility. Floyd was the only black man indicted in the case by Fulton D.A. Fani Willis.

 

Ben Sellers is the editor of Headline USA. Follow him at twitter.com/realbensellers.

Top Aide to Zelenskyy’s Military Critic Killed by Grenade Concealed as Birthday Gift

Luis Cornelio
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Top Aide to Zelenskyy’s Military Critic Killed by Grenade Concealed as Birthday Gift

(Luis Cornelio, Headline USA) A top military aide to Ukrainian Gen. Valery Zaluzhny, Major Hennadii Chastiakov, met a tragic demise after a grenade disguised as a birthday gift detonated unexpectedly.

The blast claimed Chastiakov’s life and left his 13-year-old son injured, prompting the Ukrainian National Police to initiate an investigation, the Washington Post reported on Tuesday. 

According to the police, Chastiakov returned home with gifts, setting off the lethal explosion while celebrating his birthday with his family. The police found an additional cache of unexploded grenades in his apartment. 

“First, the son took the ammunition and started turning the ring. Then the serviceman took the grenade from the child and pulled out the ring, provoking a tragic explosion. The police found 5 more such unexploded grenades in the apartment. They will be sent for examination,” the Ukrainian National Police declared on Twitter. 

In a Telegram post, Zaluzhny hailed Chastiakov as a “reliable shoulder.” “The reasons and circumstances [surrounding his death] will be established during the pre-trial investigation,” he wrote. 

Reportedly, the gifts Chastiakov received included items such as bottles of liquor and glasses shaped like grenades. 

As reported by the Post, the lethal blast gained attention due to the political rivalry between Chastiakov’s superior and President Volodymyr Zelenskyy.  

In one fiery op-ed published in the Economist, Zaluzhny offered scathing critique against both Ukraine and Russia, calling for new technology. Zelenskyy, reported the Post, opposed such move. 

But Dana Yarova, a member of the Defense Ministry’s anti-corruption council, expressed hopes that the incident was not a deliberate assassination 

“I pray to God that this was a tragic coincidence and not a targeted attack,” she said according to the newspaper. Meanwhile, Zelenskyy’s office did not immediately respond to questions from the Post. 

White House Refuses to Release Info about Biden Corruption

Dmytro "Henry" Aleksandrov
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White House Refuses to Release Info about Biden Corruption

(Dmytro “Henry” Aleksandrov, Headline USA) A letter from the White House to the House Oversight Committee revealed that the White House officials said that they would not provide evidence to support Joe Biden’s claim that a pair of large payments he received from his brother represented paybacks for loans.

In a letter that was obtained by the Washington Examiner, White House special counsel Richard Sauber wrote that the request for documents to explain $240,000 in checks from James Biden to his brother “concerns a financial transaction between two family members at a time when both individuals were private citizens.”

The news source additionally reported that Sauber refused to answer questions from House Oversight Committee Chairman James Comer, R–Ky., about whether Joe had any documents to back up his explanation for the two checks he received from his brother.

The first $40,000 check was from 2017 and the second $200,000 check was from 2018, with both of the checks being labeled as loan repayments.

In a Friday letter to Comer, Sauber cited a claim from Rep. Jamie Raskin, D–Md., that suggested the Oversight Committee already has records that prove that the payments were loan repayments, even though a person familiar with the committee’s work said that lawmakers don’t have these records.

“Contrary to the White House’s and Ranking Member Raskin’s claims, nothing within the Oversight Committee’s possession clearly shows that Joe Biden did indeed loan his brother large sums of money. The White House and Democrats have peddled a false narrative instead of providing the loan documents,” the person said.

The payments raised concerns regardless of whether Joe had lent his brother the money because the timing of the checks would suggest his financial standing was directly tied to the fortunes of his family’s business dealings, according to Comer.

In 2017, just weeks after a Chinese company paid money to Hunter Biden, James’s wife wrote the $40,000 check to Joe. Hunter then sent a cut of the money to James.

In 2018, James himself wrote the $200,000 check, just hours after a healthcare company James worked for wired him the same amount.

Tlaib, Omar Have Unhinged Response to Censure Vote on Anti-Semitism

Luis Cornelio
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Tlaib, Omar Have Unhinged Response to Censure Vote on Anti-Semitism

(Luis Cornelio, Headline USA) Reps. Ilhan Omar, D-Minn., and Rashida Tlaib, D-Mich.—two Democratic members of the infamous “Squad”—delivered responses on Tuesday against a motion to censure Tlaib for issuing disturbing statements against the state of Israel.  

The censure vote, led by Rep. Rich McCormick, R-Ga., marked the second time Tlaib faced a censure vote. McCormick argued that Tlaib’s defense of the phrase “From the river to the sea, Palestine will be free” — often used to refer to the destruction of the Jewish state — merited the vote.

But Tlaib defended herself, claiming that her remarks were directed at the government of Israel and not the Jewish religion, citing Israel’s defense forces’ actions in response to Hamas’ terrorist acts on Oct. 7. 

During her speech, Tlaib broke into tears when she defended Palestinians in Gaza, saying, “I can’t believe I have to say this, but Palestinian people are not disposable.”

Omar, alongside other leftist members of Congress, chimed in to defend Tlaib, hinting that, “Rashida will stand strong and the Palestinian movement will continue for liberation.” 

An attempt to block the measure failed on Thursday, with Rep. Bradley Schneider, D-Ill., joining Republicans in voting against killing the bill. Other Democrats, along with some Republicans, argued against the measure, citing the First Amendment. But McCormick pushed back.

“Rashida Tlaib has the right to spew antisemitic vitriol and even call for the destruction of the Jewish State,” he said in a tweet. “But the House of Representatives also has a right to make it clear that her hate speech does not reflect the opinion of the chamber, and that is what my resolution is about.”

Tlaib came under heavy scrutiny for attempting to downplay the explicit meaning of “from the river to sea” in a now-infamous tweet.

“From the river to the sea is an aspirational call for freedom, human rights, and peaceful coexistence, not death, destruction, or hate,” she said, prompting even members from her own party to take down the post.

‘No Path Forward’: More Dem Establishment Figures Come Out Against Biden

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‘No Path Forward’: More Dem Establishment Figures Come Out Against Biden

(Headline USA) Several more veteran Democratic strategists have come out against President Joe Biden’s reelection bid following recent polling results that showed Biden losing to former President Donald Trump in five key swing states.

A New York Times/Siena College survey on Nov. 5 found Trump leading Biden in Arizona, Michigan, Georgia, Nevada and Pennsylvania in a hypothetical general-election matchup.

The results come amid increasing concerns over Biden’s age and his sagging approval ratings.

David Axelrod, a top campaign adviser to former President Barack Obama, was one of the first Democratic establishment figures to cite the poll as evidence Biden should consider dropping out ahead of 2024.

Since Axelrod’s comments, several other Democratic strategists have publicly called for Biden to abandon his reelection bid. 

For example, Dick Morris, a former adviser to Bill Clinton, said on Tuesday that there is “no path forward” for Biden anymore, according to the New York Post.

Douglas Schoen, another former Clinton adviser, agreed and said the polls show “a serious warning sign that the president is in deep political trouble.”

He also complained that Democrats’ strategy of immersing Trump in legal trouble has not worked.

“But the polls show that voters want ‘any alternative’ to Biden they can get,” he said. 

Even Sen. Richard Blumenthal, D-Conn., went on CNN on Sunday to say he was “concerned” about the latest swing state data.

“These presidential races over the last couple of terms have been very tight,” Blumenthal said.

“No one is going to have a runaway election here,” he continued. “It’s going to take a lot of hard work, concentration, resources.”

The polls seemed to suggest a runaway election for Trump, who—based on current projections—would win handily with 301 electoral votes to Biden’s 235.

Morris suggested the Democratic National Committee should make the decision for Biden and refuse to give him the necessary delegates, thus opening the door to other primary challengers, such as California Gov. Gavin Newsom.

It is possible, given the prominent role of elite superdelegates in the DNC’s nominating process, that it may opt to disregard the primary results entirely and select a candidate who has yet to be publicly revealed during a brokered convention in late August 2024.

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