US national debt hits record $34 trillion - Can Biden's plan slash it by $2.5 trillion?
1:33 AM EST, January 4, 2024
According to the Reuters agency, the U.S. debt surpassed the $33 trillion limit in September 2023. In 2020, the independent Congressional Budget Office projected that the U.S. would accrue $34 trillion in debt by fiscal year 2029. This forecast has been significantly impacted by the pandemic, necessitating substantial expenditures.
Understanding the mount of U.S. public debt
White House spokesperson Michael Kikukawa linked the surge in debt to what he termed "rolling debt." This he attributed to the tax cuts endorsed by Republicans in 2017, which largely benefitted corporations and wealthy Americans.
Kikukawa further indicated that President Joe Biden plans a debt reduction of around $2.5 trillion over ten years. This will be achieved by introducing tax increases for large corporations and wealthy Americans, as well as reducing spending on pharmaceuticals and tax incentives for oil conglomerates.
