US-POLITICS-TRUMP-INAUGURATION-SWEARING IN The federal government’s budget is in such disarray that balancing the books would require a 30% spending cut or a 40% increase in taxes, a recent study found.
The budget deficit, which reflects the difference between federal revenues and expenditures in a year, approached $1.4 trillion in 2022, according to data from the Office of Management and Budget. The national debt is currently nearing $31.5 trillion even as maintenance costs soar due to a higher interest rate environment. An analysis from economists at the University of Pennsylvania’s Wharton School found that American fiscal policy is in “permanent imbalance […]
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