Lots of sound and fury on US debt, but not a crisis — yet

House Speaker Kevin McCarthy insists that the debt, so huge it defies most people’s grasp, is already breaking the economy. President Joe Biden counters that the government spending cuts sought by Republicans in return for a debt limit increase would break the middle class.

“Spending cuts and tax hikes would kill off growth in a year when we’re more likely than not to go into recession,” Greene said. “It’s not clear that it would put us onto a more sustainable fiscal footing at all.” To stabilize the debt near current levels, the government would need to permanently slash all spending by 30%, raise tax revenues by 40% or some combination of both, said Kent Smetters, a professor at the University of Pennsylvania and director of the Penn Wharton Budget Model. Those changes could come at the expense of younger generations who might be stuck paying more and receiving far fewer benefits from the government than their parents.

“We have now hit a point that we can’t continue,” McCarthy said Tuesday on Fox Business News. “Right now, we have to save America and stop the spending.” McCarthy has said it’s reasonable to negotiate over the issue, but the White House stressed Friday that he has yet to identify any cuts that would have support from the Republican majority, let alone the Democrat-controlled Senate and Biden.

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