US Debt Surges, Balanced Budget Amendment Fails
Dayton News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
The Congressional Budget Office predicts a massive $1.9 trillion federal deficit next year, escalating to $3.1 trillion over the next decade. The national debt has surged by $1 trillion each of the last five months, potentially reaching $40 trillion before the midterm elections. Despite a House vote, a constitutional amendment for a balanced budget failed due to lack of a two-thirds majority. Lawmakers, mostly along party lines, debate the feasibility of such an amendment, with debt now at 124% of GDP. Experts warn of unsustainable higher interest rates and slower growth. Tackling big spending programs like Social Security and healthcare will be crucial for real progress, as they account for nearly half the federal budget.
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