PREVIEW

National Debt Set to Top $56 Trillion, in the Next Decade. 'The New York Times' reports that the United States is on track to add trillions of dollars to the national debt in the next ten years. On June 18, the Congressional Budget Office said that the national debt will exceed $56 trillion by the year 2034. The acceleration of borrowing comes as increased spending and interest expenses exceed tax revenues. The nation's finances also continue to be weighed down by the rising costs of Social Security and Medicaid, exacerbated by elevated interest rates. Those increased rates have also impacted the overall cost of massive loans made by the federal government. For 2024, the budget deficit is projected to hit $1.9 trillion, an increase from previous forecasts which saw the figure reaching $1.6 trillion. In the next decade, the annual deficit is expected to skyrocket by $2.9 trillion by the year 2034. According to projections, this means the share of debt held by the public in 2034 will be 122% of the U.S. gross domestic product. 'NYT' reports that the news comes as lawmakers prepare for a showdown over taxes and spending, as many of Trump's 2017 tax cuts are set to expire in 2025. The nation's debt problem weighs heavily on an aging population facing long-term shortfalls like reduced retirement and medical benefits. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT