US Debt Crisis: CBO Warns of $1.9 Trillion Deficit in 2024
Debt Doubts: Biden’s Budget Faces Skepticism as US Heads Towards $50 Trillion in Unfunded Liabilities
According to dailycaller, The United States is facing a big problem with its debt. The Congressional Budget Office (CBO) says that the country will have a huge deficit of $1.9 trillion in 2024. This is a big increase from what was expected. The CBO says that this is because of the money spent on foreign aid and student loans.
The White House says that President Joe Biden’s budget will help reduce the deficit, but some people disagree. They say that the debt is getting worse and will continue to get worse unless something is done. The CBO says that the country will owe over $50 trillion in debt by 2034.
US Debt Interest Payments to Reach $892 Billion in 2024 and $1.7 Trillion in 2034: CBO Warns of Financial Burden
The CBO also warns that the government will have to pay a lot of money in interest on its debt. This could be as much as $892 billion in 2024 and $1.7 trillion in 2034. The country also has a big problem with Social Security, which could cost over $93 trillion in the future.