Venmo, PayPal Users can Send Money to Help US pay off Debt

Venmo and PayPal users can now send money directly to the US Government to help the country pay off its $36.6 trillion national debt. The digital payment platforms can be used after accessing the “Gifts to Reduce the Public Debt” page on Pay.gov. The website has existed for nearly three decades, allowing Americans to contribute directly to paying off the country’s debt. While a total of $67.3 million has been contributed, that remains negligible compared to the trillions in federal debt.

Neither PayPal nor Venmo has issued a statement on this new way to help pay off the US national debt. To contribute, individuals can visit the Pay.gov portal and select their payment method. On Pay.gov, users can fill out the required forms and submit donations using Venmo, enabling real-time payments from their mobile devices.

US Government adds PayPal to Help Lowering Surging National Debt: a Cry for Help?

According to the US Treasury Department, the national debt has risen by over 87% in the last fifteen years. There has been plenty of criticism over the new development from experts and everyday Americans alike. Samson Mow, CEO of Bitcoin technology firm JAN3, compares the effort to “sending Bitcoin to a burn address.”

Meanwhile, Bridgewater Associates founder Ray Dalio warns that the US is nearing financial crisis over the growing debt “We are spending 40% more than our income,” he said, adding that “we’re approaching the point where we may need to borrow just to pay the interest on our existing debt — this is the classic debt death spiral.”

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Also Read: India Bashes BRICS Currency, Says USD Is Here to StayThe US debt has long been a concern, but one that has been disregarded by policymakers. US President Donald Trump’s recently enacted “Big, Beautiful Bill” is projected to add an additional $3.4 trillion to the debt over the next decade, according to the non-partisan Congressional Budget Office.