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Guardian
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Trump bill set to add trillions to US debt pile – can America stop it climbing?
- Despite bipartisan support for fiscal responsibility, the US national debt continues to climb, with Trump's spending plans threatening to add trillions to the debt pile.
- Republican senators, including Rand Paul, are critical of Trump's bill, while economists have long expressed concern about the increasing US debt.
- The US debt stood at $14.46tn in 2008 and rose to $35.46tn last year, with Trump's tax cuts contributing to the growing deficit.
- Moody's stripped the US of its top-tier credit rating due to the increasing debt and projected future growth.
- The federal government faces a debt ceiling, which has sparked battles in Congress and raised questions about the reliability of US debt as an investment.
- Moody's expects the federal debt burden to rise to 134% of GDP by 2035, with interest payments on US government debt increasing significantly.
- Presidents have historically reassured investors about addressing debt concerns, but Trump's unpredictability adds uncertainty about fiscal stability.
- Calls to scrap the debt limit to prevent economic catastrophe have been made amid concerns about the US fiscal fundamentals.
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