21 November 2023
The U.S. Congress is under increasing pressure to address the nation’s escalating budget deficits and debt, especially after Moody’s recent warning about the potential downgrade of the federal government’s credit rating due to political dysfunction. The primary solutions to tackle the national debt, which has doubled in the past decade to $33.7 trillion or about 124% of GDP, are straightforward: raise taxes, cut spending, or implement a mix of both.