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American2Day

News and opinion for Michigan, Eaton County, and the Mulliken area

American2Day

News and opinion for Michigan, Eaton County, and the Mulliken area

National

U.S. national debt crosses $40 trillion as deficits widen

A2D News Desk

The U.S. national debt has surpassed $40 trillion, quadrupling from $10 trillion in 2008. The government is projected to run a $2.1 trillion deficit in the fiscal year ending Sept. 30, while interest costs account for 15% of federal spending.

A Committee for a Responsible Federal Budget analysis attributed the debt largely to tax cuts, spending increases and emergency responses to recessions and the pandemic. The analysis found that 77% of current debt resulted from legislation backed by both parties. Congressional Budget Office projections show debt rising to 120% of the economy by 2036 and 156% by 2055.

Read the full story at finance.yahoo.com.

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