Budget Office, by the way, is now forecasting a $400 billion increase for this year's budget deficit.

That number is 27% higher than the budget watchdog's original estimate back in February. Social Security and Medicare are among the key factors driving

those costs up. The CBO is projecting that the nation's debt's going to top 56 trillion dollars by 2034 as spending and interest expenses continue to outpace tax revenues.

And it continues to go up and whether there's a Republican or Democrat in power,

unless something dramatic is done, it will continue to go up

over the next 10, 15 years.

Talk about the risks that we face as a nation and what we need

to do to bring that debt down.

So first of all Joe the risks are enormous but just to put this in a little bit of historical

context, as you well know, President Clinton left office with a surplus in the budget.

We still had debt, but at least we were starting to pay it down.

And then George W Bush came into office and famously Cheney said to him,

deficits don't matter. Reagan proved that and they passed two rounds of tax cuts eliminated the

surplus and we went off into deficit land where we have been ever since and

obviously we had crises like 2008 that we had to respond to and there was a pretty valued effort by

President Obama after that to try to get the deficit down but we didn't make that

much progress and then Trump came along with this huge tax cut that he said would be paid

for and it turns out it ended up costing almost two trillion dollars according to

CBO numbers of extra debt simply from his one tax cut and we had COVID which we had to deal with

obviously and now here's where we are as you just said I think the dangers a

couple of dangers the first danger is that if Trump comes back

his tax cuts actually expire mostly next year he wants to extend them the CBO

...