The U.S. Treasury Department has opened up Venmo and PayPal as new payment options for Americans who wish to donate toward the $36.7 trillion national debt, sparking criticism over what some are calling a symbolic gesture with no real impact.
The donation page, titled “Gifts to Reduce the Public Debt”, is accessible on Pay.gov and has existed since 1996, collecting a grand total of $67.3 million — an amount that barely registers against the scale of the debt.
Trump’s “Big, Beautiful Bill” Sparks Debate
The announcement comes as President Donald Trump’s landmark “Big, Beautiful Bill” is projected to add $3.4 trillion to the national debt over the next decade, according to the non-partisan Congressional Budget Office (CBO).
The legislation, which includes historic tax cuts, infrastructure investment, and trade incentives, sparked a public clash with Tesla CEO Elon Musk, who criticized the bill for raising the debt ceiling by $5 trillion.
Despite the criticism, Treasury Secretary Scott Bessent defended the bill, telling Congress last month that tariff revenue and tax reforms would offset the increase and reduce the deficit over the long term.
“Even in Washington, D.C. math, that is a $400 billion surplus,” Bessent said.
Ray Dalio Warns of “Debt Spiral”
Bridgewater Associates founder Ray Dalio, a leading voice in global finance, is sounding the alarm.
Dalio warned that the U.S. is entering a “debt death spiral,” where the government may soon need to borrow just to pay interest on existing debt.
“We’re spending 40% more than our income,” Dalio said.
“Unless the budget deficit is cut to about 3% of GDP, the supply of debt will be much greater than the demand.”
He added that rising gold prices, falling bond sales, and a weakening dollar all point to declining investor confidence.
Dalio estimates there is now a greater than 50% chance of a financial “trauma” if urgent action isn’t taken.
Treasury Defends Trump Policies
Bessent fired back at critics during a Senate Finance Committee hearing, insisting that:
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Trump’s trade tariffs will generate $2.8 trillion over 10 years
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Nearly $100 billion in tariff revenue has already been collected in 2025
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The U.S. is on pace to hit $300 billion in tariff income this year — almost 1% of GDP
“June delivered a budget surplus with higher revenue and lower spending,” Bessent said.
“This is how we clean up the fiscal mess we inherited.”
Bessent dismissed the CBO’s projections as flawed, urging lawmakers to view both tax and tariff impacts together rather than cherry-picking isolated data.
Critics Mock “Donation Option”
Meanwhile, critics have ridiculed the idea of Americans Venmo-ing their way out of a $36 trillion hole.
“Sending Bitcoin to a burn address,” quipped JAN3 CEO Samson Mow, referring to the uselessness of the effort.
Still, the Treasury Department is promoting the program as a way for patriotic citizens to “do their part.”
