Fox Business: US Debt Tops $37 Trillion And the 'Big, Beautiful Bill' Allows it to Rise Trillions Higher
Article by Eric Revell in Fox Business
The federal government's gross national debt topped $37 trillion for the first time in history last week, and the U.S. has room to add trillions of dollars more to the debt following the enactment of the One Big Beautiful Bill Act (OBBBA).
President Donald Trump on July 4 signed OBBBA into law, which included a $5 trillion debt limit increase to avert a potential stand-off over the borrowing limit that was projected to be reached later in the summer. Failing to raise the debt limit could put the U.S. government at risk of defaulting on its debt obligations, which would roil financial markets and likely lead to higher interest rates on the debt to account for that risk.
The debt limit has been used by both parties as leverage to secure their various priorities in negotiations over federal spending and tax policies, though that political dysfunction and brinksmanship has contributed to the U.S. credit rating being downgraded by ......