America Now Borrowing a Whopping $5 Billion a Day, as Interest Costs Surpass Defense and Medicare Spending
America’s debt is ‘only four years away from reaching a record share of the economy,’ the Committee for a Responsible Federal Budget says, and interest costs are ‘soaring past our defense budget this year.’
The Biden administration borrowed a stunning $1.2 trillion in the first eight months of fiscal year 2024, leading to calls for lawmakers to act quickly before the country’s fiscal situation spirals even further out of control.
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