ABC News on Nostr: The rising price of paying the national debt is a risk for Trump's promises on growth ...
The rising price of paying the national debt is a risk for Trump's promises on growth and inflation
==========
Donald Trump faces a significant hurdle with the national debt at roughly $36 trillion; high interest rates are increasing debt service costs, projected to exceed $1 trillion next year; this could limit Trump's plans for tax cuts and economic growth; Shai Akabas from the Bipartisan Policy Center warns that debt service is crowding out spending on infrastructure and education; Trump's treasury secretary choice, Scott Bessent, aims to address federal debt; Brian Riedl criticizes the idea of renewing tax cuts after the deficit has tripled; Democrats argue Trump's tax cuts favor the wealthy, reducing revenues for essential programs; Trump's team claims he has a mandate to lower prices; interest rates on 10-year Treasury notes rose from 0.6% in April 2020 to 4.4% now; the last time high rates pressured the White House was during Bill Clinton's presidency.
#Trump #NationalDebt #Economy #TaxCuts #Inflation #InterestRates #BipartisanPolicyCenter #ScottBessent #BillClinton #Deficit
https://abcnews.go.com/US/wireStory/rising-price-paying-national-debt-risk-trumps-promises-116176112
==========
Donald Trump faces a significant hurdle with the national debt at roughly $36 trillion; high interest rates are increasing debt service costs, projected to exceed $1 trillion next year; this could limit Trump's plans for tax cuts and economic growth; Shai Akabas from the Bipartisan Policy Center warns that debt service is crowding out spending on infrastructure and education; Trump's treasury secretary choice, Scott Bessent, aims to address federal debt; Brian Riedl criticizes the idea of renewing tax cuts after the deficit has tripled; Democrats argue Trump's tax cuts favor the wealthy, reducing revenues for essential programs; Trump's team claims he has a mandate to lower prices; interest rates on 10-year Treasury notes rose from 0.6% in April 2020 to 4.4% now; the last time high rates pressured the White House was during Bill Clinton's presidency.
#Trump #NationalDebt #Economy #TaxCuts #Inflation #InterestRates #BipartisanPolicyCenter #ScottBessent #BillClinton #Deficit
https://abcnews.go.com/US/wireStory/rising-price-paying-national-debt-risk-trumps-promises-116176112