America's gross national debt topped $35 trillion, a stark indication of the nation's dire financial situation amid upcoming legislative battles over taxes and expenditures.
The U.S. national debt is expected to exceed $56 trillion by 2034, driven by escalating expenses and interest, making it harder to manage the debt burden effectively.
Federal programs like the Employee Retention Tax Credit and tax credits through the Inflation Reduction Act have proven to be more costly than anticipated, contributing to growing annual deficits.
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