The US government is racking up dangerous amounts of debt, raising the risk of a market meltdown and economic disaster, two fiscal watchdogs warned.
“We are headed toward record spending levels, record deficit levels, record debt levels, record interest payments — the list goes and on,” Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, told Fox Business this week.
“We are on a terrible trajectory in terms of our fiscal finances,” she added.
MacGuineas compared the government’s carefree spending before interest rates leaped to a consumer taking advantage of a teaser rate on a credit card and then getting caught out when it jumps.
Major tax cuts, massive amounts of government stimulus during and after the pandemic, and a sharp rise in rates have helped to more than double the national debt within the past 15 years, from under $17 trillion in 2009 to well over $34 trillion.
In a report this month, the…
