The United States will soon break a record that has stood for 78 years. Because the record has to do with federal debt, however, this is not a cause for celebration. If present trends continue, the debt in 2027 will equal 106.2 percent of annual economic output, according to the, a year when the United States was still demobilizing from World War II and had not begun paying down the massive borrowing needed to fund a global military effort.is alarming.
Democrats and Republicans alike know the nation is in a difficult budget hole — and just keep digging. They have done it again over the past few months, which is partly why the CBO’s forecast worsened. Some new spending, such as thethat benefits a select few Americans while doing nothing to make college more affordable. Congressional Republicans demanded that money beby hampering the IRS’s ability to go after tax cheats.
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