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U.S. NEWS Thursday 29 June 2023
U.S. public debt is projected to reach 181% of American

economic activity in 30 years

By FATIMA HUSSEIN once-in-a-generation pan-
Associated Press demic.
WASHINGTON (AP) — The “The U.S. has had the high-
Congressional Budget Of- est economic growth
fice is giving the world a among the world’s leading
concerning look at the U.S. economies since the pan-
government’s ledgers: ever demic,” Biden said. “We’ve
higher deficits, greater gov- added over 13 million jobs,
ernment spending and tax more jobs in two years than
revenues that only begin to any president has added in
increase when existing tax a four-year term,” he said.
cuts expire. While the risk of a fiscal cri-
The nonpartisan agency sis in the near term appears
estimates in its latest 30- to be low, the report said
year outlook, released another bout of persistently
Wednesday, that publicly high inflation, for instance,
held debt will be equal to could affect the govern-
a record 181% of American ment’s long-term position.
economic activity by 2053. The nation’s fiscal health
That compares with a pro- became the focal point of
jected 98% at the end of debate during the latest
this budget year, a sign round of debt ceiling ne-
the government is getting gotiations.
more dependent on debt The Capitol is seen in Washington, Tuesday, June 27, 2023. While Republicans called
to pay for Social Security, Associated Press for a series of massive cuts
Medicare, the military, in- as part of an agreement
frastructure and an array of showed then, meaning this But that is due in large part percentage of the gross to lift the debt ceiling, the
programs that benefit mil- fiscal crystal ball can im- to increased individual in- domestic product, this year White House and Demo-
lions of households. prove as the numbers are come tax receipts after the will be 2 percentage points crats said the debt should
The higher debt load is refined. tax cuts under President higher compared the es- not be tied to the issue,
not all that shocking given Yet there is a clear warn- Donald Trump are set to ex- timate in last year’s long- threatening an unprece-
the deficit spending of the ing that lawmakers will be pire after 2025. term budget impact report. dented national default.
past two decades. But the constrained as spending The problem with the CBO Also this year, the report Ultimately, the parties
CBO figures do offer a bit increases after 2026, driv- forecast is that the White estimates the U.S. hitting a agreed to suspend the
of comfort in that annual en largely by increased House wants to preserve 4.7% unemployment rate, debt limit until 2025 in ex-
deficits after 2042 are low- healthcare and Social Se- some of those tax cuts and though the current jobless change for restrictions on
er than forecasted in the curity costs tied to an ag- the GOP wants to make rate sits at 3.7%. spending for the next two
agency’s report from last ing population and a pro- them largely permanent, On the same day as the years, imposing new work
year. jected lower labor force so revenues could be lower report’s release, President requirements for older
This is because the prima- participation rate of 60.3% than what the CBO antici- Joe Biden traveled to Chi- adults receiving food aid
ry borrowing and interest in 2053, from 62.2% now. pates. cago to deliver a speech and greenlighting a natural
rate costs are lower than Revenues also are expect- For 2023, the CBO projects about the nation’s eco- gas line that many Demo-
what the CBO model year ed to increase after 2026. that debt, measured as a nomic growth after the crats oppose.q

Dozens in 16 states charged with health care fraud schemes

By LINDSAY WHITEHURST the agency said. It’s one of “The Justice Department
and TOM MURPHY several announced as part will find and bring to justice
Associated Press of a crackdown in states criminals who seek to de-
WASHINGTON (AP) — The around the country. fraud Americans and steal
Justice Department has In total, 78 people in 16 from taxpayer-funded pro-
charged dozens of peo- states were charged in a grams,” Attorney General
ple in several health care series of separate cases, Merrick Garland said in a
fraud and prescription drug which also included an al- statement.
schemes, including one leged scheme to buy back In one case filed in the
totaling $1.9 billion and a HIV medication from pa- Southern District of Flori-
doctor accused of order- tients and then resell the da, investigators said they
ing fake ankle braces for pills. The defendants tar- found nearly $2 billion in
a patient whose leg had geted vulnerable people fraudulent telemedicine
been amputated, officials and used the money they claims submitted to gov-
said Wednesday. made to buy exotic cars, ernment-fundedcoverage
The scheme involving the jewelry and yachts, federal programs like Medicare
submission of nearly $2 bil- investigators said. The fed- and Medicaid, which
lion in bogus claims is one eral government seized mil- mainly cover people age Attorney General Merrick Garland speaks at a press conference
of the largest health care lions of dollars in cash, au- 65 and over and those with to announce arrests and disruptions of the fentanyl precursor
fraud cases ever brought tomobiles and real estate low incomes, respectively.. chemical supply chain, June 23, 2023 in Washington.
by the Justice Department, as part of the crackdown. q Associated Press