Wednesday, June 07, 2023
Commentary: The Real Cost of the Debt-Ceiling Deal
President Joe Biden and House Speaker Kevin McCarthy spent weeks of negotiating to authorize $4 trillion in new deficit spending over the next two years. This means that our national debt will be $35 trillion in 2025. The interest cost will be up to $1.4 trillion annually, only a small amount less than the current cost of national defense and Social Security combined. This staggering debt undermines the future prosperity of every American.
