U.S. Federal Debt Projected to Reach Record Levels Amid Rising Deficits
The Congressional Budget Office (CBO) warns that the U.S. national debt is on track to hit unprecedented levels, with projections indicating it could rise to 120% of GDP by 2036. The current fiscal year has seen the government borrowing $43.5 billion weekly, contributing to a skyrocketing budget deficit estimated to grow to $1.853 trillion. Republican tax laws, combined with Trump-era policies, are expected to add $1.4 trillion to the deficit over the next decade. Meanwhile, nearly $700 billion was added to the national debt within the first four months of the fiscal year, raising concerns about economic stability. The rapid growth of entitlements and interest payments is consuming an increasing share of the federal budget, with CBO predicting that interest payments could exceed $2 trillion annually by 2036. Urgent bipartisan action is being called for to address these fiscal challenges.
The New York Times, The Washington Post, Fortune, Congressional Budget Office (.gov), Axios, Politico, Bloomberg.com, The Wall Street Journal, AP News, The Detroit News