the debt trajectory is unsustainable and servicing this debt. it doesn t get better after 2053, we ll put it that way. harris: he is the director of congressional budget office and what he is predicting. unless the white house and republicans can cut a deal together america will run out of money to pay the interest on the debt in july. the big headline most media are not reporting, if democrats wild spending continues at the wild clip it is, it will add $$19 trillion to the national debt over the next decade. $3 trillion more than the latest estimate. but it s our money, they don t care. the u.s. went past the debt ceiling in january and the treasury department has been using what it calls extraordinary measures to keep our bills paid. the wall street journal
board. bill: the u.s. debt forecast getting worse to the tune of $3 trillion. what that means for the debt ceiling stand-off and the threat of default coming up. the debt trajectory is unsustainable. the first half of the year is a difficult time in our projections. psoriasis really messes with you. try. hope. fail. no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don t use if you re allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn s disease symptoms develop or worsen. serious allergic reaction may occur. best move i ve ever made. ask your dermatologist about cosentyx®.
whether or not we pay our debt. the truth is, president biden increased spending and the emergency covid spending started to end in the first and second years of the president s term. now the increased spending he signed into law is starting to show. a new federal deficit is projected to be 1.4 trillion this year and then the cbo report says the deficit over the next ten years has been revised up by 3 trillion because of newly enacted legislation and changes to the economic forecast. the debt trajectory is unsustainable. you can look at what is happening to the cost of net interest payments of servicing this debt. it doesn t get better after 2053 put it that way under current law. and so fiscal trajectory is unsustainable. the federal debt will reach more than $46 trillion in 2033. you have to either add revenue
markets to this week the yield on italian benchmark bonds hit three point four percent and almost five year high. there is indeed much to discuss and will do that with michael hewson is with c.m.c. markets and joins us now from london michael european commission president john called you can suggest an intern pose agreements like threats to the euro is that a fair comparison. it s not really understates the problem i think if italy if there was an italy crisis it would make greece look like it s a policy i think mr young because rhetoric solely understates the contagion that could result as a result of italy s debt trajectory getting out of control would it make sense to for it to lead to to leave the euro as some leading italian politicians have suggested. no not that would be a catastrophic scenario under any circumstances just think about the overall debt
but we ve neglected our military and there s a massive cost of rebuilding the military the longer you neglect it. same with interstates and bridges. secondly we can t sit i have my colleagues that come on all the time on tv and that say we need to bomb isis and be ready for north korea and have missile defense and they name these litany of things but then vote against giving the people the funds to do it. that said, with the deficit issue, the problem is and we all know this, just nobody talks about it 75% of federal spending congress doesn t even have control over, we don t appropriate. it s entitlement spending. some people get offended by that term, it s what it s officially called and you can take things whether it s like social security or medicare for a guy like me who s 39, almost 40 and say we re going to make changes for you, adam, to save it for the current generation, and that levels the debt trajectory, but we re not having those conversations. but this deal adds $5