When Debts Come Due

2025-04-26 03:45:00 ET

Summary

• Congress is in the process of cobbling together a remarkably irresponsible budget resolution.
• This current plan, which is on track for House and Senate approval and thus likely to come into effect, calls for $5.3 trillion in tax reductions and $517 billion in spending over the next decade.
• That’s a $5.8 trillion addition to the deficit, and it comes at a time when total US public debt, as a percentage of GDP, is close to decades-long highs.

All things considered, it has been a relatively good week. Springtime has settled in here in the nation’s capital, and along with the pleasant weather, we have seen a welcome pause in the chaos that has beset financial markets since the infamous “Liberation Day” antics of April 2....

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