The deficit may be 4% of GDP but the DEBT is $5.6 TRILLION dollars. I think that's more than double the annual US government revenue and we still have to pay our bills - which so far are more than the revenue.
The annual interest on the US debt is greater than our entire military budget - which is HUGE.
Both parties need to get serious about debt reduction at the same time. In some years, it is Republicans, in other years it is Democrats.
Maybe there won't be hell to pay but any economic downtown might become much worse with the burden of the debt.
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