If President Obama’s FY 2015 budget became law, the national debt would reach $25 trillion by 2024, despite massive tax increases. This debt would consist of $19 trillion borrowed in credit markets (public debt) and $6 trillion borrowed from government agencies (intragovernmental debt).
If President Obama’s FY 2015 budget became law, the national debt would reach $25 trillion by 2024, despite massive tax increases. This debt would consist of $19 trillion borrowed in credit markets (public debt) and $6 trillion borrowed from government agencies (intragovernmental debt).