Biden debt ceiling deal boots fiscal crisis to the next president

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Biden debt ceiling deal boots fiscal crisis to the next president
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Opinion | Biden debt ceiling deal boots fiscal crisis to the next president WashTimesOpEd

— it burnished his image as a bipartisan dealmaker — but it’s an economic disaster.

The projections don’t consider further support for defending and rebuilding Ukraine or that Congress may be compelled to substantially increase military spending to defend Europe and address growing tensions in the Middle East, the South Pacific and Taiwan. The CBO forecasts assume interest rates on Treasury securities vary from year to year but overall average about 3%.

The bottom line is the CBO potentially underestimates federal interest payments after 2025 by about one-third.Given how close the Silicon Valley Bank failure took us to a financial crisis, assuming no hiccups in growth makes about as much sense as positing a cure for the common cold.

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