What the Budget Bill Means for Our National Debt

What the Budget Bill Means for Our National Debt

Now that the budget bill has passed Congress, we can see clear projections for how it will impact deficits, government debt, and debt service expenses. In brief, the bill is expected to lead to spending of about $7 trillion a year with inflows of about $5 trillion a year. So the national debt, which is now about 6x of the money taken in, 100% of GDP, and about $230,000 per American family, will rise over ten years to about 7.5x the money taken i…