🖥 US public debt has surpassed the $35 trillion mark for the first time, signaling a worsening financial situation as debates over taxes and spending intensify in Washington. Treasury reports show the costs of federal programs have surpassed projections, leading to rapid debt accumulation.
✅ Key Points:
✅ Financial Challenges:
⏩ Public debt surpassed the 35 trillion USD mark.
⏩ Costs of federal programs exceed projections.
✅ Avoid Politics:
⏩ Vice President Kamala Harris and former President Donald Trump largely avoided the deficit issue during the campaign.
⏩ This avoidance could exacerbate the problem due to policy disagreements and unwillingness to cut major programs like Social Security and Medicare.
✅ Future Forecast:
⏩ The Congressional Budget Office predicts the national debt could reach $56 trillion by 2034 due to rising spending and interest rates.
✅ Difficulties from High Interest Rates:
⏩ High interest rates complicate debt management.
⏩ Programs like the Employee Retention Tax Credit have surpassed budget projections due to fraud and abuse.
⏩ The need for tax credits under the Deflation Act increased the deficit.
⏩ The Ministry of Finance borrowed 234 billion USD from April to June, and plans to borrow 740 billion USD from July to September.
✅ Biden Administration Proposal:
⏩ Proposal to reduce the deficit by $3 trillion over a decade through tax increases on high earners and companies.
⏩ The White House criticized the Republican plan to cut taxes for the rich, saying this would increase debt.
⏩ Republicans argue for fiscal responsibility and blame Democrats for excessive spending.
✅ Future Legislative Challenges:
⏩ Interest costs are predicted to almost double by 2034.
⏩ Lawmakers face expiring tax cuts and the need to raise the debt ceiling next January.
⏩ Presidential candidates have yet to offer comprehensive plans to solve the national debt crisis.
🔗 LINK: https://t.me/cryptoanalysisvn/1/1879
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