Overview

• The U.S. federal budget deficit has surged to $1.8 trillion, significantly increasing the national debt to $35.7 trillion.
• Interest payments on the national debt have reached $950 billion, surpassing the Pentagon's budget and raising concerns about fiscal stability.
• Both presidential candidates, Donald Trump and Kamala Harris, have proposed spending plans that could further increase the national debt.
• Trump's fiscal plan includes significant tax cuts and increased spending, potentially raising the deficit by $7.5 trillion over the next decade.
• Harris aims to extend tax cuts for middle-income earners while imposing higher taxes on the wealthy, potentially increasing the deficit by $3.5 trillion.