Trump's tax cut faces a new snag: America's debt crisis is back in the spotlight

Business and Finance Business and Finance

Tue, May 20, 2025

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Trump's tax cut faces a new snag: America's debt crisis is back in the spotlight | CNN Business

^{Published on 2025-05-20 07:00:47 - CNN}

After the United States lost its last perfect credit rating on Friday, Republicans and Democrats responded by pointing fingers at each other.

The article from CNN dated May 20, 2025, discusses the escalating US debt crisis, highlighting that the national debt has surpassed $35 trillion, prompting urgent calls for fiscal reform. It details how the combination of increased government spending on social programs and defense, coupled with tax cuts, has led to a significant budget deficit. The piece also covers the political deadlock in Congress, with Democrats and Republicans unable to agree on a solution, further exacerbating the situation. Experts warn that without immediate action, the US risks a severe economic downturn, potentially leading to higher interest rates and reduced public services. The article concludes with a mention of upcoming negotiations aimed at addressing the crisis, though skepticism remains about reaching a bipartisan agreement.

Read the Full CNN Article at:
[ https://www.cnn.com/2025/05/20/economy/us-debt-crisis ]

N@N

Trump's tax cut faces a new snag: America's debt crisis is back in the spotlight | CNN Business