The US national debt has reached $36.2 trillion, representing 122% of its GDP, raising concerns regarding fiscal stability. A congressional committee has approved a new tax cut bill from President Trump, which might add up to $5 trillion to the already ballooning debt. This comes on the heels of a recent downgrade by Moody's, citing issues surrounding the escalating debt. The US has a long history of raising its borrowing limit, and the deficit has notably increased during Trump's first term, particularly in 2020, when the pandemic exacerbated fiscal challenges.
The US currently has a national debt of $36.2 trillion, representing 122% of GDP, with deepening concerns regarding the nationâs long-term fiscal stability.
President Trump's new tax cut bill could add up to $5 trillion to the national debt, raising worries after the recent downgrade in US credit ratings.
Since 1960, Congress has raised or suspended the debt ceiling 78 times, allowing continued borrowing to fund obligations like Social Security and healthcare.
The federal deficit has sharply increased during Trump's administration, indicating a trend of spending exceeding revenues, particularly highlighted in 2020.
Collection
[
|
...
]