What The U.S. Must Do To Balance The Budget

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.

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