The entire U.S. financial system is a house of cards, with more debt and expenditures than income. $37 trillion in debt at the moment. The country is essentially insolvent, bankrupt and its federal debt and bonds should be rated as junk.
Sure, let’s eliminate taxes, increase federal spending by another $4 trillion over the next decade, pile that onto the $1 trillion per year already being spent just to service existing debt, and throw a big party to celebrate. What could possibly go wrong?
US govt spending in 2024 was around $6.75 trillion, some $1.83 trillion more than tax revenues.