Washington Ignores a Looming Fiscal Emergency
They’ll get back to us.
Photographer: Stefan Zaklin/Getty Images
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In its final report of the fiscal year, the US Treasury Department delivered some unfortunate news. The government spent a little over $7 trillion in 2025 and raised just $5.2 trillion in taxes. To cover the gap, it borrowed $1.8 trillion, equivalent to more than a quarter of public spending and 6% of gross domestic product. “Unsustainable” is too mild a word.
Washington, preoccupied aptly enough with the latest government shutdown, has mostly looked away from this looming crisis. Before much longer, that option will no longer be available.
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