National Debt Set to Top $56 Trillion in the Next Decade

National Debt Set to , Top $56 Trillion, in the Next Decade.
'The New York Times' reports that the
United States is on track to add trillions of
dollars to the national debt in the next ten years.
On June 18, the Congressional Budget Office
said that the national debt will exceed
$56 trillion by the year 2034. .
The acceleration of borrowing
comes as increased spending and
interest expenses exceed tax revenues.
The nation's finances also continue to be weighed
down by the rising costs of Social Security and
Medicaid, exacerbated by elevated interest rates. .
Those increased rates have also
impacted the overall cost of massive
loans made by the federal government. .
For 2024, the budget deficit is projected to hit
$1.9 trillion, an increase from previous forecasts
which saw the figure reaching $1.6 trillion.
In the next decade, the annual
deficit is expected to skyrocket
by $2.9 trillion by the year 2034.
According to projections, this means the
share of debt held by the public in 2034 will
be 122% of the U.S. gross domestic product. .
According to projections, this means the
share of debt held by the public in 2034 will
be 122% of the U.S. gross domestic product. .
'NYT' reports that the news comes as lawmakers prepare
for a showdown over taxes and spending, as many
of Trump's 2017 tax cuts are set to expire in 2025.
'NYT' reports that the news comes as lawmakers prepare
for a showdown over taxes and spending, as many
of Trump's 2017 tax cuts are set to expire in 2025.
The nation's debt problem weighs heavily on
an aging population facing long-term shortfalls
like reduced retirement and medical benefits