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Six Steps to Paying Off the U.S. Government Debt

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Publication Date: March 2009

Publisher(s): National Center for Policy Analysis (U.S.)

Author(s): Pamela Villarreal; D. Sean Shurtleff

Funder(s): National Center for Policy Analysis (U.S.)

Funder(s): National Center for Policy Analysis (U.S.)

Topic: Banking and finance (Public finance)
Economics (Economic policy, planning, and development)

Keywords: Social security; revenue; debt; federal

Type: Brief

Coverage: United States

Abstract:

To counteract the recession that began in December 2007, Congress has passed foreclosure assistance, tax rebates, bank bailouts and $787 billion of stimulus. This spending will result in massive federal budget deficits and increasing government debt - projected to rise to $23 trillion by 2019. This amount of debt will hurt economic growth and burden future generations.