Tuesday, July 09, 2024

The national debt is ballooning. The next president probably won’t stop it.

By Jacob Bogage, The Washington Post, June 24, 2024 - As the national debt soars toward a new and worrisome record, neither President Biden nor former president Donald Trump is likely to bring the tide of red ink under control, experts say.

Trump is pledging to extend the enormous package of tax cuts adopted on his watch and has discussed further reducing taxes for corporations. Biden, meanwhile, also wants to extend the Trump tax cuts for families earning less than $400,000 a year, while calling for nearly $1 trillion in fresh spending over the next decade on social programs — though Biden vows to cover those costs by raising taxes on the rich.

Neither candidate has made debt reduction a priority while in the White House, according to research released Monday by the nonpartisan Committee for a Responsible Federal Budget. The debt grew by $8.4 trillion during Trump’s first term, while Biden so far has added $4.3 trillion, ... Last week, the CBO projected annual budget deficits of nearly $2 trillion for the foreseeable future. That mismatch between spending and revenue will drive borrowing ever higher, with the debt growing to more than $50 trillion by 2034 — or more than 122 percent of the nation’s overall economy — the CBO said. (read it all)

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