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Trump was unsuccessful in his eleventh-hour effort last month to get Congress to pass the debt ceiling as part of a funding stopgap to prevent another shutdown threat before the holidays.
Speaker Mike Johnson (R-La.) last week also floated a proposal under which the House GOP conference would agree to raise the debt limit by $1.5 trillion in the first of two budget reconciliation ...
Trump dodged questions about the debt while campaigning and does not have a plan to cut spending, even though he's promised lots of tax cuts (a recipe for higher deficits and more borrowing).
The federal government's gross national debt has surpassed $34 trillion, a record high that foreshadows the coming political and economic challenges to improve America's balance sheet in the ...
The national debt was up to $80,885 per person as of 2020. [153] The national debt equated to $59,143 per person U.S. population, or $159,759 per member of the U.S. working taxpayers, back in March 2016. [154] In 2008, $242 billion was spent on interest payments servicing the debt, out of a total tax revenue of $2.5 trillion, or 9.6%. Including ...
The national debt is slated to rise by $23.9 trillion over the next decade, a sum that does not include trillions of dollars in additional tax cuts being championed by President-elect Donald Trump.
The fiscal policies of the Trump administration added twice the amount to the national deficit as have President Biden’s, a new analysis has found. Trump’s administration borrowed $8.4 ...
Contrast that with the 12 years under Presidents Ronald Reagan and George H. W. Bush (mostly with a hostile or partly hostile Congress), which averaged a 4% deficit due to defense spending ...