Trump's promises on growth, inflation might derail due to $36 trn debt

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Trump's promises on growth, inflation might derail due to $36 trn debt - Business Standard

Quick Summary:

Trump has bold ideas on tax cuts, tariffs and other programs, but high interest rates and the price of repaying the federal government's existing debt could limit what he's able to do.

Not only is the federal debt at roughly USD 36 trillion, but the spike in inflation after the coronavirus pandemic has pushed up the government's borrowing costs such that debt service next year will easily exceed spending on national security.

The higher cost of servicing the debt gives Trump less room to maneuver with the federal budget as he seeks income tax cuts.