National Debt Set to Top $56 Trillion in the Next Decade from social cures Watch Video

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✓ Published: 19-Jun-2024

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National Debt Set to , Top $56 Trillion, in the Next Decade.<br/>'The New York Times' reports that the <br/>United States is on track to add trillions of <br/>dollars to the national debt in the next ten years.<br/>On June 18, the Congressional Budget Office <br/>said that the national debt will exceed <br/>$56 trillion by the year 2034. .<br/>The acceleration of borrowing <br/>comes as increased spending and<br/>interest expenses exceed tax revenues.<br/>The nation's finances also continue to be weighed <br/>down by the rising costs of Social Security and <br/>Medicaid, exacerbated by elevated interest rates. .<br/>Those increased rates have also <br/>impacted the overall cost of massive <br/>loans made by the federal government. .<br/>For 2024, the budget deficit is projected to hit <br/>$1.9 trillion, an increase from previous forecasts <br/>which saw the figure reaching $1.6 trillion.<br/>In the next decade, the annual <br/>deficit is expected to skyrocket <br/>by $2.9 trillion by the year 2034.<br/>According to projections, this means the <br/>share of debt held by the public in 2034 will <br/>be 122% of the U.S. gross domestic product. .<br/>According to projections, this means the <br/>share of debt held by the public in 2034 will <br/>be 122% of the U.S. gross domestic product. .<br/>'NYT' reports that the news comes as lawmakers prepare <br/>for a showdown over taxes and spending, as many <br/>of Trump's 2017 tax cuts are set to expire in 2025.<br/>'NYT' reports that the news comes as lawmakers prepare <br/>for a showdown over taxes and spending, as many <br/>of Trump's 2017 tax cuts are set to expire in 2025.<br/>The nation's debt problem weighs heavily on <br/>an aging population facing long-term shortfalls <br/>like reduced retirement and medical benefits