The article discusses the growing bipartisan alarm over the national debt as the 119th Congress begins, prompted by concerns from both Republican politicians and progressive economists. This increased anxiety stems largely from projected long-term interest rates which may force the government to pay larger interest amounts. The article also highlights the impact of the Trump administration's tax cuts and points out historical trends where debt levels rise significantly during wars, recessions, and remain unaddressed even in peacetime prosperity.
In large part, long-term interest rates look unlikely to recede as quickly as had been hoped, forcing the federal government to make larger interest payments.
If one party refuses to raise revenues, and the Democrats go along more than is fiscally healthy, that's also a big part of the problem.
Democrats and Republicans alike tend to express more concerns about fiscal responsibility when their party is out of power.
If not addressed, debt will probably mount to unprecedented levels.
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