Debt Crisis Escalates: US National Debt Exceeds $35 Trillion
The U.S. national debt has surpassed $35 trillion, underscoring severe fiscal challenges amid ongoing debates about taxes and spending.
The Congressional Budget Office predicts the debt could exceed $56 trillion by 2034 due to rising expenditures and interest costs outpacing tax revenues. Factors like high interest rates, unexpected pandemic-related expenses, and strong demand for tax credits have worsened the situation. Treasury Secretary Janet Yellen sees the debt as manageable relative to the economy and focuses on stabilizing interest costs.
The Biden administration plans to cut the deficit by $3 trillion over a decade, mainly through increased taxes on the wealthy and corporations, while Republicans advocate for fiscal discipline and oppose these measures.
Clever Robot News Desk 31st July 2024
