U.S. Debt Hits $40 Trillion
New York Times · LC · trust 34/100
Also, Trump nominates a Kennedy ally to lead the F.D.A. Here’s the latest at the end of Wednesday.
Listen · 9:35 min Share full article Credit... Source: Federal Reserve Bank of St. Louis and U.S. Office of Management and Budget | Note: Data is seasonally adjusted | By The New York Times By Matthew Cullen
This year alone, the U.S. is on track to borrow more than $2 trillion to help pay for its obligations, including the spending on the war in Iran and a package of tax cuts that Republicans enacted last year. Interest payments on the debt make up a significant portion of the government’s annual bill, and the shortfall between what the U.S. spends and what it earns through taxes and other revenue now exceeds the size of its entire economy.
Whether the enormous debt load is an ominous problem requiring a solution or a function of America’s economic strength remains a matter of vigorous debate. President Trump took office promising to restore fiscal order, yet many of his policies have exacerbated the country’s debt woes.
The president announced today that he had nominated Heidi Overton, a domestic policy official at the White House, to run the Food and Drug Administration . If confirmed by the Senate, she would replace Marty Makary, who resigned three months ago over the administration’s decision to authorize fruit-flavored e-cigarettes.
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