The Congressional Budget Office (CBO) has released a new report predicting that the national debt will exceed $56 trillion by 2034, up from its current level of just under $35 trillion. This rapid increase is attributed to the U.S. consistently spending more than it collects in taxes. For 2024, the CBO projects a $1.9 trillion deficit, higher than the initially estimated $1.6 trillion for this year. Key factors driving this increase include President Biden’s cancellation of $100 billion in student loan debt, rising costs of aid to Ukraine and Israel, and increased Medicaid spending.
Senator Mitt Romney (R-Utah) highlighted the need for constructive action to avoid a financial catastrophe, emphasizing that both spending cuts and tax increases are necessary to achieve fiscal balance. Maya Macguineas, president of the Committee for a Responsible Budget, criticized the political system for avoiding difficult budgetary decisions, warning that continued fiscal irresponsibility is unsustainable.
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