For the thirtieth consecutive year, the U.S. Congress failed to pass all appropriations bills before the start of the new fiscal year. Since World War II, it has fulfilled its fiscal responsibilities only four times. The federal deficit reached a record $432 billion in July, while total federal debt surpassed the $40 trillion threshold in August. Analysts project that the federal government’s total liabilities and unfunded obligations will exceed $147 trillion by the end of fiscal year 2026, compared to approximately $20 trillion in 2020.
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