US Debt Faces Record as Trump and GOP Plan Tax Cuts

The United States faces a growing national debt crisis, with projections showing a $1.9 trillion budget deficit this fiscal year and total deficits of $21.1 trillion over the next decade. Despite slightly improved forecasts, the debt is set to skyrocket to 118 percent of the U.S. economy by 2035, driven by the extension of tax cuts and potential new tax breaks under President-elect Donald J. Trump, along with cuts to IRS funding, putting the nation’s fiscal stability at risk.

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