For Americans troubled by the ongoing lack of fiscal discipline on Capitol Hill, nine other words are perhaps very scary: “We have actually now agreed on the spending numbers”.
If things go as analysts at the Bipartisan Policy Center expect, the U.S. government will face a heightened risk of defaulting on its $22 trillion debt in early September.
The U.S. government directly owes the nation of China over 1.1 trillion dollars.
Net interest on the national debt has become one of the fastest growing segments of federal spending.
The Congressional Budget Office has issued its Budget and Economic Outlook for 2019 through 2029, where it projects that for the next 10 years, the U.S. government’s spending and tax collections will each grow at an average annual rate of 5 percent a year.
The interest due on U.S. national debt has put the gov on a course to spend more on debt than national defense.
With Democrats back at the helm, more taxing & spending in sight?