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yesterday

U.S. Treasury Now Accepts Venmo and PayPal Gifts Toward $36.7T Debt

Expansion of Venmo and PayPal payments on Pay.gov modernizes federal payment options, with donations covering mere seconds of debt growth.

© Chip Somodevilla/Getty Images
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Payment apps like PayPal and Venmo are seen on an iPhone on top of Form 1099-k, Portland, OR, Jan 5, 2022:
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Overview

  • Citizens can now make voluntary contributions to the Gifts to Reduce the Public Debt program via Venmo and PayPal on Pay.gov, with each transaction capped at $999,999.99.
  • Treasury data places the U.S. national debt at $36.7 trillion and rising by roughly $55,000 every second.
  • An analysis shows even a maximum Venmo donation would need to be submitted in 18 seconds to match the increase in debt incurred during the transaction.
  • Since its establishment in 1961, the debt-reduction gift program has collected about $67.3 million in total, averaging roughly $120,000 per month since 2020.
  • The Venmo option, added between late February and early March and highlighted publicly by NPR in July, underscores the government’s drive to modernize digital engagement despite the symbolic scale of contributions.