The nation's crippling debt of over $35 trillion continues to grow.
FILE - The likeness of George Washington is seen on a U.S. one dollar bill, March 13, 2023, in Marple Township, Pa. If the Fed cuts interest rates by 1%-point and the entire yield curve declines by 1%-point, then daily interest expenses will decline from $3 billion per day to $2.5 billion per day., the U.S. is expected to add $1.9 trillion to the debt this year alone. The report states the 2024 revenue is expected to be $4.9 trillion but the expenses are expected to be $6.8 trillion.
The CBO originally estimated the amount would be $1.6 trillion, but points to things like aid for Ukraine and Israel, increased Medicaid spending, and President Joe Biden canceling $100 billion in student loanFormer President Donald Trump and President Joe Biden have added trillions to the national debt largely thanks to COVID-19 relief, but the exact amount depends on who you ask.The difference comes from the Congressional Budget Office's updated forecasts and how much the U.S.
The large Baby Boomer generation is getting older, retiring, and living longer, which impacts the budget and debt. The foundation projects there will be 96.9 million seniors by 2070. There were just 40.5 million seniors in 2010. These huge demographic trends put increasing pressure on the federal budget, especially vital programs that serve older and vulnerable Americans like Social Security, Medicare, and Medicaid.
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