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(The Center Square) – U.S. Rep. David Schweikert, R-AZ, said the federal government would have to double taxes in 20 years just to keep services at current levels if spending and debt aren't ...
Because the government spends more money than it collects in tax revenue, lawmakers need to periodically tackle the issue -- a politically difficult task, as many are reluctant to vote for more debt.
The government needed the extra financing because tax receipts were coming in lower than expected, while outflows were higher. Since then, 10-year Treasury rates have risen by nearly a full ...
If demand for debt falls short, lenders have to pay more via a higher interest rate, and the rate on US government bonds broadly determines the rates of every other type of consumer and business loan.
Between 1950 and 1970, total debt (including government, household, corporate, and financial) was stable at about 150% of GDP. After Nixon did away with what was left of the gold standard in 1971 ...
Today, the national debt actually exceeds the GDP of the entire U.S. economy, hitting $33.84 trillion. In the past few years, the national debt has risen dramatically due to increased spending on ...
Both reports are sure to be key guides for lawmakers, the White House, and the Treasury Department in the months ahead as all sides wrestle with resolving the growing debt ceiling crisis, the ...
Nine specific government actions during the last 25 years pushed the national debt toward today's crisis levels. Blame Republicans, Democrats — and voters.