The U.S. Department of the Treasury is now allowing Americans to use Venmo and PayPal to donate money to reduce the national debt, which currently stands at a staggering $36.7 trillion. This new payment option was added to the long-standing “Gifts to Reduce the Public Debt” program, which has been in place since 1996. The change, first reported by NPR’s Jack Corbett, makes it easier for people to contribute through the Pay.gov website.
According to Treasury officials, the addition of these popular digital platforms is meant to encourage more “civic-minded” Americans to donate. Since its inception, the donation program has collected $67.3 million, an amount that pales in comparison to the immense size of the federal debt.
The National Debt’s Rapid Rise
The national debt has surged dramatically, increasing by 87% since 2010 when it was $19.59 trillion. The Treasury Department has cautioned that these ballooning deficits threaten America’s financial stability. The Joint Economic Committee of Congress highlighted the rapid growth, noting that the total debt increased by nearly $55,000 every second over the last year alone.
Critics argue that individual donations, no matter how numerous, won’t make a significant difference. Shawn French, host of “The Determined Society” podcast, called the initiative “desperation not strategy,” adding that “If every American donated $1,000 right now, it still wouldn’t make a meaningful dent.” French believes the government’s plea is a “massive distraction” from the lack of viable structural reforms. Samson Mow, CEO of Bitcoin technology firm JAN3, likened the program to “sending Bitcoin to a burn address,” an irreversible transaction that doesn’t solve the underlying problem.
Despite the skepticism, the Treasury maintains that the program offers a chance for patriotic individuals to contribute to “Making America Great Again,” regardless of the donation’s small impact on the overall balance.
Trump’s “Big, Beautiful Bill” Adds Trillions to Debt
Recently, President Donald Trump signed legislation dubbed the “Big, Beautiful Bill,” which the nonpartisan Congressional Budget Office (CBO) projects will add $3.4 trillion to the national debt over the next decade. A key part of the new law was a decision to raise the debt ceiling by $5 trillion, a move that drew sharp criticism from several economic commentators, including Tesla CEO Elon Musk, who called the legislation “fiscally reckless.”
The CBO also reported that more than 10 million Americans will lose their health insurance under the new law by 2034, a slight improvement from earlier estimates of 11.8 million. Senate Democratic Leader Chuck Schumer remarked, “The big, ugly betrayal is a loser for the country and will be a loser for the Republicans.”
Conversely, conservative lawmakers have defended the law, stating it was essential to prevent tax increases for millions of Americans. Supporters are optimistic that the U.S. economy will surpass the CBO’s projections, generating enough tax revenue to narrow the deficit.
July 2025, Cryptoniteuae
