Federal spending is poised to push the national debt to exceed 225% of U.S. GDP by 2050, according to a new analysis from the Penn Wharton budget model.
Biden signed into law a health care and climate change spending bill – dubbed the Inflation Reduction Act – in early August that would spend an estimated $739 billion over the next decade. Most of that revenue stems from new revenue generated by higher taxes; about half is slated to go toward paying down the debt. student loan debt
Congress is also seeking to pass a roughly $1.7 trillion government funding bill that will keep the government operating through the end of its fiscal year on Sept. 30, 2023. Although details of the so-called omnibus bill are still being hashed out, it will include a record $858 billion for defense, additional aid for Ukraine and funding for different federal government agencies.
, total interest on the national debt will hit a record 3.3% of GDP, the broadest measure of goods and services produced in the country, by 2032, the CBO estimated.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Under the skin: How Mercedes is rapidly advancing in-car safety | AutocarThe first-gen Mercedes A-Class failed the 'moose test' in spectacular style, but the firm has come a long way since then. Our tech column explains how
Read more »
Australia: GDP growth to slow sharply in 2023 but remain positive – ANZEconomists at ANZ Bank have downgraded their Australian GDP forecast to 1.5% year-on-year by end-2023. Notwithstanding the slower forecast growth traj
Read more »
The Polyphonic Spree's 19th Annual Christmas Show Was a Confetti-Filled ExtravaganzaOn Saturday, Chris Penn, Tim DeLaughter and the Polyphonic Spree hosted their annual Christmas extravaganza and variety show.
Read more »
GBP/USD bulls attack 1.2200 despite mixed feelings for Britain, focus on UK GDP, Fed’s preferred inflationGBP/USD bulls attack 1.2200 despite mixed feelings for Britain, focus on UK GDP, Fed’s preferred inflation – by anilpanchal7 GBPUSD Politics BOE Fed RiskAppetite
Read more »
Small business owners still struggling as holiday shoppers spend lessWith one week away from Christmas, shoppers are hitting up stores big and small to finish up their gift list.
Read more »
Countdown to Christmas: Bay Area Shoppers Try to Spend Less on ‘Super Saturday'Shoppers say that due to the inflation, it’s a different experience this year as they are spending less and are more strategic.
Read more »