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Alarming CBO Report: Unprecedented Interest Costs Loom
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Overview
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The CBO has projected a significant increase in U.S. government spending on annual interest payments, reaching unprecedented levels. This is due to excessive deficit spending and aggressive interest rate hikes. The situation is expected to worsen, leading to a doubling of annual interest payments and surpassing Social Security as the largest line item in the federal budget by 2050.
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How might the unprecedented interest costs impact the U.S. economy?
How might the worsening situation affect immigration, taxation, and social programs?
What measures can be taken to address the excessive deficit spending?
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