"The U.S. House of Representatives failed on March 18 to pass a proposed Balanced Budget Amendment, and the Trump Administration announced its plans to seek major supplemental funding for as much as $200 billion to support its war efforts against Iran."
"America has been adding to its record debt at record rates, and Congress has become addicted. Absent a change in course, the nonpartisan Congressional Budget Office (CBO) projects that Uncle Sam's debt will soar to 175% of GDP in 30 years."
"The Balanced Budget Amendment proposal would limit federal spending to an average of federal receipts over a three-year period, adjusted for population increases and inflation."
"Despite the federal government's fiscal time bomb, the U.S. Congress and the President remain with their heads in the sand."
On March 18, the U.S. House voted 211-207 against a Balanced Budget Amendment, falling short of the required two-thirds majority. Federal debt has now exceeded $39 trillion, representing 125% of GDP, a significant increase from 55% in 2000. The Trump administration plans to seek $200 billion in supplemental funding for military efforts against Iran. The Congressional Budget Office projects that debt could reach 175% of GDP in 30 years, while total liabilities exceed $125 trillion, indicating a severe fiscal crisis ahead.
Read at Fortune
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