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Fact Check: Venmo & PayPal users can now send money to the US government to help pay down the national debt.

Fact Check: Venmo & PayPal Users Can Now Send Money to the US Government to Help Pay Down the National Debt

What We Know

Recently, it has been reported that Americans can now use Venmo and PayPal to make donations to help pay down the national debt. This initiative is part of a long-standing program by the U.S. Treasury Department, which has allowed citizens to contribute to reducing the national debt for decades. According to Fox Business, Americans have donated approximately $67.3 million since the program's inception in 1996, which has had a negligible impact on the current national debt of over $36 trillion. The new payment options were highlighted in a viral post by NPR’s Jack Corbett, showcasing the modern methods available for donations (The Guardian).

Analysis

The claim that Venmo and PayPal can now be used to donate to the U.S. government for the purpose of paying down the national debt is accurate. The U.S. Treasury has indeed updated its donation methods to include these platforms, making it easier for citizens to contribute (Axios). However, it is important to note that while the option exists, the actual impact of these donations on the national debt is minimal. The amount raised over nearly three decades is only a fraction of the total debt, which continues to grow significantly each year (Newsweek).

The sources reporting on this development are credible, including established news organizations like Fox Business, The Guardian, and Axios, which have a history of reliable reporting. The information is corroborated across multiple outlets, providing a consistent narrative about the new payment options and the historical context of the donation program.

Conclusion

Verdict: True
The claim that Venmo and PayPal users can send money to the U.S. government to help pay down the national debt is indeed true. The U.S. Treasury has expanded its donation methods to include these popular payment platforms, allowing citizens to contribute to the national debt reduction effort. However, the actual financial impact of these donations remains minimal compared to the overall national debt.