HONOLULU (HawaiiNewsNow) - For today’s Business Report Howard discusses the federal debt.
Currently the federal debt is $21 trillion and rising.
In the budget year that just ended, it grew three quarters of a billion. This year the budget will grow another $1 billion.
The debt has accumulated from years of spending more than taxes taken in.
You could balance the budget today and still owes those trillions in debt. And nobody is balancing the budget today.
Last year’s corporate tax cut unbalanced it further.