The Donald has always done things in a big way, and that includes debt. From David Stockman at lewrockwell.com:
When it comes to the Donald’s Big Beautiful Bill there is one place, and one place alone, to start the discussion. We are referring, of course, to the built-in baseline of revenues, outlays and deficits under current Federal law and policy.
Needless to say, the latest CBO baseline amounts to a five-alarm dumpster fire. If Congress does nothing about entitlements, tax law or current funding policy for defense and nondefense discretionary programs, the annual Federal deficit will reach nearly $3 trillion and 6.1% of GDP by the end of the 10-year budget window. Accordingly, total public debt will soar from today’s $37 trillion to more than $58 trillion by 2035.
After that, it would be all over except the shouting because a combination of rising bond yields and soaring public debt would cause Uncle Sam’s interest expense to explode. Subsequently, the already massive structural deficit would easily double, thereby pushing the Federal debt level to a staggering $150 trillion by mid-century. Of course, we would likely never actually get that far because the financial markets would collapse long before 2050.
Given this cataclysmic outlook, you would think that slashing the deficit and braking the relentless growth of the public debt would be at the heart of the GOP fiscal plan. After all, it took the first 230 years of the American republic and 45 presidents to generate $21.8 trillion of public debt. Now, however, that figure would be duplicated again in the next 10-years unless Washington pivots hard toward fiscal austerity.
Debt to GDP 135% by 2035.
The planned wipe out and reset will happen before then?
One silver lining is no world conquering tour or Northern Eurasia partitioning of Russia.