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The podcast discusses the doubling of the US deficit to $2 trillion and President Biden's plan to address it. It explores the Right's perspectives on spending reforms and the tax gap. The chapter also touches on publicly funded free colleges in Europe, proposed changes to the H-1B visa program, and heartwarming turtle breeding at the Australia Zoo.
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- The US deficit has effectively doubled from $1 trillion to $2 trillion in the current fiscal year.
- Reducing the deficit faces political challenges, with proposals like raising taxes or making cuts to military, social security, or Medicare.
Deep dives
Record-breaking deficit and growing national debt
The podcast highlights the alarming increase in the US deficit, which reached $1.7 trillion in the fiscal year that ended last month, a 25% rise from the previous year. The Biden administration states that the deficit effectively doubled when excluding student loan forgiveness. The total national debt has now reached $33 trillion. Budget deficits also rose during the Trump presidency due to tax cuts and increased pandemic spending. Interest payments on the debt reached a record $659 billion in 2023. Solutions to reduce the deficit, such as raising taxes or making cuts to military, social security, or Medicare, face political challenges.
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