US national debt rose past $39 trillion in mid-March, with debt held by the public exceeding $31 trillion, according to a newsflash cited by ChainCatcher. The Congressional Budget Office projects the federal deficit will reach $1.9 trillion in fiscal 2026, while publicly held debt is expected to climb to $56 trillion by 2036. Against that backdrop, Senator Cynthia Lummis is pushing the BITCOIN Act, a proposal that would require the US Treasury to buy up to 1 million BTC over five years and hold the assets for at least 20 years. There is still no official confirmation that any purchase has been made. Lummis said on June 16 that, based on her model, such holdings could reduce US national debt by one-third to one-half, and she expects the Treasury to begin buying Bitcoin before the end of 2026.
US debt passes $39 trillion
US national debt moved above $39 trillion in mid-March, while debt held by the public exceeded $31 trillion, according to ChainCatcher.
The Congressional Budget Office expects the federal deficit to reach $1.9 trillion in fiscal 2026. It also projects debt held by the public will rise to $56 trillion by 2036.
Lummis continues to press the BITCOIN Act
Senator Cynthia Lummis is backing the BITCOIN Act, which would require the US Treasury to acquire as much as 1 million BTC over five years and hold the position for at least 20 years. There is no official confirmation of any Treasury purchase at this stage.
On June 16, Lummis said her model suggests those holdings could cut US national debt by one-third to one-half. She also said she expects the Treasury to start buying Bitcoin before the end of 2026.
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