Analysis: Debt ceiling deal ignores US debt time bomb

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Republicans and Democrats are touting a hastily-written debt ceiling deal that staves off a devastating U.S. default, but does little to slow a massive buildup of total federal debt now on pace to exceed $50 trillion in a decade.

, or just about one-seventh of this year's $6.4 trillion federal budget. Defense, veterans' care and big-ticket safety-net programs are spared.

U.S. spending on health, retirement and other benefit programs has climbed steadily in recent decades, but negotiators in debt-ceiling talks look to cut other domestic and military spending. in about a decade. Other programs for veterans and low-income people push such safety-net spending to over half the budget.

But Washington policymakers aren't discussing such options, especially heading into the 2024 presidential election.

 

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