Currently, the government owes nearly $34.6 trillion, a 100% increase from only 10 years ago. The debt-to-GDP ratio indicates whether or not the U.S. can afford to pay back its loans.
2024 will be the first year since at least 1940 that borrowing costs will exceed defense spending, with interest payments on the national debt projected to hit $870 billion.
A president's relationship with lawmakers on Capitol Hill matters because any proposed changes to the tax code must receive congressional approval, impacting the budget significantly.
The national debt is driven by a mismatch between revenue and spending, exacerbated by stimulus payments, wars, and rising Medicare costs, resulting in soaring government spending.
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