Not only will we not balance the budget, the yearly deficit will continue to grow at an exponential rate. Ultimately we won’t be able to pay interest. That could be the triggering event.
“Ultimately we won’t be able to pay interest. “
Yeah I have been concerned about that for decades. We have been in a low interest rate environment for a long period as the debt has increased in a massive way.
I remember the 70s and 80s. When that sort of high interest rate environment returns the interest on the debt will overwhelm the budget. I suspect they will just borrow more to finance the interest. Crazy.