America’s $36 trillion debt has experts on edge — here’s what’s really at stake.
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00:00I think everyone sees that it's it's quite a big problem.
00:04We're sitting around 40 trillion dollars in debt and we're running close to a 7 percent deficit right now.
00:11And some big issues need to be dealt with in order to get that back probably to 3 percent, which I think would be the goal for the next three to four years.
00:19I think that we we still have a lot of room to work with to to get that under control over the next decade.
00:25And there's some major things that can be done here in the short run, you know, wasteful spending cut out.
00:34But some of the big consequences of not getting a handle on this and continuing to run a 7 percent deficit would be further downgrades in a credit rating, potentially higher yield, much higher yields.
00:48And that would significantly eat up into the tax revenue that's already coming in and it's already having a major impact.