The unprecedented figure highlights competing administration priorities, from passing a massive tax law and boosting defense spending and immigration enforcement to chipping away at the debt itself — the latter of which Donald Trump promised to do as both a candidate and as president. Michael Peterson, chair and CEO of the nonprofit Peter G. Peterson Foundation, created to raise awareness of America's long-term fiscal challenges, said in a statement that “we must recognize this alarming rate of growth and the significant financial burden we are putting on the next generation.” The trajectory of the rising costs is also a concern. “Borrowing trillion after trillion at this rapid pace with no plan in place is the definition of unsustainable.” White House economic adviser Kevin Hassett estimated on Sunday that the war in Iran had cost the U.S. more than USD 12 billion so far.
Author: AP- PTI
Published at: 2026-03-18 23:39:05
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