New York Times report warns of rising debt, says it is a ‘political problem’ for Biden

The New York Times published an article Tuesday warning that the rising national debt, which just surpassed a historic $31 trillion, poses ‘a political problem’ for President Biden and an economic problem for the United States as a whole. The article, titled ‘U.S. National Debt Tops $31 Trillion for the first time’, briefly was featured as the front page story and was written by economic policy reporter Alan Rappeport and White House correspondent Jim Tankersley. They warned that rising interest rates will make it more expensive for the federal government to borrow money, a departure from the comparatively cheap money it has been able to obtain in recent years due to low interest rates and inflation. The Committee for a Responsible Federal Budget estimates Biden’s spending has added $5 trillion to the deficit. . . .