Lordy! Quite the conundrum. Good luck đź‘Ť.
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Archived from the IMDb Discussion Forums — General Discussion
Corwin — 10 months ago(May 21, 2025 02:18 AM)
Lordy! Quite the conundrum. Good luck
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www.nytimes.com/2025/05/20/upshot/record-debt-republicans-bill.html
The United States hit its record debt level at the end of 1945, after a world war and the Great Depression.
That record, in which the debt was briefly larger than the size of the entire economy, is almost certain to be broken in the next several years. Estimates from the Congressional Budget Office published in January showed that the country was on track to overtake it in 2032 — and that was before the Republicans’ large tax and spending bill was taken into account.
Under the G.O.P. megabill being considered in the House, budget experts now say, the U.S. debt would blow past the record even sooner and climb significantly higher in coming decade.
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Because the government has been spending more than it collects in taxes over the past two decades, the debt has been growing. Without any changes to existing law, the Congressional Budget Office predicts the debt will rise to about 117 percent of the economy’s size by 2034, higher than the 1945 record.
The Republicans’ bill would widen the gap further by extending and expanding tax cuts and increasing military spending, partly offset by spending cuts in other areas. The Committee for a Responsible Federal Budget, a nonpartisan group that favors debt reduction, estimates that the nation’s debt could be as high as 129 percent of the economy by 2034 under those plans.