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National debt will now surpass $56 trillion by 2034, report says. What's the problem?

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National Debt News

Spending,Deficit,Tax Cuts

The national debt continues to head in the wrong direction and at an accelerated pace.

It will now surpass $56 trillion by 2034, according to aremains just under $35 trillion. Part of the problem is that the U.S. continues to spend more money than it collects in taxes.

The increase was largely driven by President Biden canceling $100 billion in student loan debt, as well as the ballooning costs of aiding Ukraine and Israel and increased Medicaid spending. A partial or full extension of Donald Trump’s 2017 tax cuts – which Biden and Trump have said they support to varying degrees, will increase the deficits further.

 

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