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J.D. Tuccille: America running headlong into a debt crisis

Americans will soon have to grapple with their government’s addiction to spending beyond its means

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Amidst much justifiable discussion and hand-wringing over tariffs, immigration and whatever piece of the planet the Trump administration currently covets, a dry but extremely important governance issue often tends to get overlooked: the shambolic state of U.S. federal finances.

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For decades, the United States government has spent far more than it takes in, while frequently promising to spend less (under Republicans) or tax more (under Democrats) without ever managing to balance its books. The result has been a massive accumulation of debt that, left unaddressed, will likely crash the economy within decades.

J.D. Tuccille: America running headlong into a debt crisis Back to video

In the Congressional Budget Office’s (CBO) recent report, “The Budget and Economic Outlook: 2026 to 2036,” published earlier this month, the nonpartisan agency forecast a budget deficit of 5.8 per cent of gross domestic product in 2026 that grows to 6.7 per cent in 2036. Interest on existing federal debt alone is expected to equal 2.6 per cent of GDP this year.

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