The United States currently faces an unprecedented and unsustainable level of national debt, with a debt-to-GDP ratio that questions its ability to repay loans.
2024 is poised to be the first year since at least 1940 where borrowing costs will exceed defense spending, highlighting a critical economic challenge for the nation.
Interest payments on the national debt are projected to reach $870 billion, outpacing planned defense spending, underscoring the unsustainable trajectory of federal borrowing.
Presidents control discretionary budgets and taxes but need congressional approval for changes, making relationships with lawmakers crucial for budgetary goals amid rising debt issues.
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