It won't get paid.
quote:We're basically f*cked if we have to fight a war. Our spending is already near WWII level as percentage of GDP. With war-time inflation rates... we couldn't even fund the debt payments, much less finance a war effort.
so here is a projection of our INTEREST payments on the federal debt. this isn't addressing the actual debt, this is just the % of GDP our interest will eat up (projections of course)
one plague/outbreak where 15% of the pop died, would solve all problems
It's not necessarily all negative. And inflation is not very dramatic right now either.
any overages must be paid the following year in a tax hike.
immediate tax increase makes public more involved in spending decisions.
Total revenue $2.449 trillion
Total expenditures $3.538 trillion
Deficit $1.101 trillion