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Federal debt just crossed a threshold not seen since soldiers were coming home from World War II, and the math shows spending cuts cannot close the gap.
"The growing national debt will both shrink the labor market and drive down wages, contributing to an uncertain economic future for millions of younger Americans," wrote the Peterson Foundation.
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For the first time in American history, the US government is spending more to service its debt than it spends on Medicare.
There you'll find the National Debt Clock, a digital billboard with a running tally of the U.
The United States' national debt is on track to double over the next three decades amid a rush of spending by the White House and Congress.
Traders, at least initially, took the hint and nudged their bets toward higher rates, knocking stocks lower to roughly 0.
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America's $39 trillion national debt has become a familiar political football—batted around in budget negotiations, invoked at congressional hearings, and largely ignored between elections.
The national debt is, well, monumental.