Congress is again attempting to avoid a shutdown of the United States government by increasing the ceiling on the national debt. This article may remind you of an old song which contained the lyrics, “Same song thirty third verse, could be better but it’s going to get worse.”

The national debt is now more than $31 trillion. The federal budget deficit thus far for this fiscal year (2023) exceeds $1.5 trillion.

Banker Phares is a practicing attorney and founding member of the Estate Planning and Probate Law certification by the Texas Board of Legal Specialization. He is the John and Karen Mast Professor at SFA and teaches in the Department of Economics and Finance.

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