politics / policies
5 hours ago

US National Debt Soars with Possible Tax Cuts Under Trump

US National Debt Soars with Possible Tax Cuts Under Trump
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7 Highlights
  • US debt could reach 118% of GDP by 2035, a record high.
  • GOP tax cuts may add $4 trillion to national debt.
  • CBO forecasts a $1.9 trillion deficit for this fiscal year.
  • Annual deficits may total $21.1 trillion over the next decade.
  • 2017 tax cuts' effects on economy are unclear, with COVID affecting data.
  • Rising social program costs strain US fiscal health.
  • Tax cuts may complicate managing growing national debt.
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