(The Center Square) – Some Republicans have recently introduced bipartisan legislation in the House and Senate aimed at addressing the federal deficit and ultimately reducing the federal debt, though opinions vary on whether Congress will make meaningful progress on the issue anytime soon.
At over $39 trillion, the debt today stands at roughly 124% of America’s GDP and is projected to grow faster than the GDP “for the foreseeable future,” according to the Federal Reserve Bank of St. Louis. A rising national debt can cause higher interest rates and contribute to inflation.
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