Even with the new spending restraints in the debt limit deal, the U.S. government's deficits are still on course to keep climbing to record levels over the next few decades.
The projections are a sign that the two-year truce between President Joe Biden and House Speaker Kevin McCarthy, R-Calif., might be only a pause before a far more wrenching set of showdowns over the federal budget. Why is the debt slated to keep rising? It's due to the growing costs of Social Security, Medicare and Medicaid, according to the nonpartisan Congressional Budget Office.
