9min chapter

The Daily cover image

The Debt Ceiling Showdown, Explained

The Daily

CHAPTER

From Surplus to Debt: A Fiscal Journey

This chapter delves into the historical context of U.S. national debt, beginning with the budget balance in 2000 and the economic factors that contributed to it. It traces the financial decisions of Presidents Bush, Obama, Trump, and Biden, illustrating how military expenditures, tax cuts, and stimulus packages significantly increased the debt over time. The discussion culminates in an analysis of fiscal responsibility across political administrations and the profound effects of the COVID-19 pandemic on national finances.

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