The National Post reports in its Monday, March 2, edition that a critical issue often overlooked is the dire state of U.S. federal finances. The Post's J.D. Tuccille writes that for decades, the government has outspent its revenue, promising to either cut spending (under Republicans) or raise taxes (under Democrats) without achieving a balanced budget. This has led to a significant accumulation of debt that, if unchecked, could threaten the economy in the coming decades. The Congressional Budget Office recently predicted a budget deficit of 5.8 per cent of GDP in 2026, rising to 6.7 per cent by 2036. This year, interest on federal debt is expected to reach 2.6 per cent of GDP. Paying interest will remain costly, with federal debt expected to rise from 101 per cent of GDP this year to 120 per cent by 2036, surpassing the previous high of 106 per cent in 1946. The current total federal debt is $38.7-trillion (U.S.). The Penn Wharton Budget Model's Jagadeesh Gokhale and Kent Smetters say federal officials have no more than 20 years to fix the country's finances, "after which no amount of future tax increases or spending cuts could avoid the government defaulting on its debt whether explicitly or implicitly."