CBO Warns of Possible Default if Congress Fails to Raise Debt Ceiling: U.S. to Add $19 Trillion in New Debt Over 10 Years

The U.S. is on track to add an unprecedented $19 trillion in new debt over the next 10 years, according to a new report from The New York Times. This is due to a combination of factors, including the coronavirus pandemic and increased government spending.

The Wall Street Journal is asking what is pushing the national debt to its limit. The answer is a combination of factors, including increased government spending, the coronavirus pandemic, and tax cuts.

The Congressional Budget Office (CBO) has warned that the U.S. will default on its debt between July and September if Congress doesn’t raise the debt ceiling. This would put the U.S. in a precarious financial situation, as it would be unable to pay its bills.

USA TODAY reports that Vice President Mike Pence is in Iowa today, and the CBO will weigh in on the debt ceiling timing.

POLITICO reports that the deficit is set to hit $1.4 trillion this year, as a result of persistent inflation and federal spending.

The U.S. is facing an unprecedented fiscal crisis, and it remains to be seen how Congress will address it. For more coverage, view the full story on USNN.