US Voters: 92% say "Debt interest surpassing defense spending is a risk linked to living costs"

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Over 90% of American voters perceive the federal government's debt, which has surpassed $40 trillion, as a key risk directly linked to daily living costs. Ahead of the November 3 midterm elections, concerns about the fiscal deficit have surged. However, observations from Washington political circles suggest that instead of major fiscal reforms before the election, there will only be a temporary increase in the debt ceiling during the lame-duck session.

According to MarketWatch, a US financial media outlet, on September 20 (local time), a poll conducted by the non-partisan non-profit Peter G. Peterson Foundation found that 92% of registered voters are concerned about the impact of national debt on living costs. Among them, 57% responded that they are very concerned, and 35% said they are somewhat concerned. 70% of voters pointed out that candidates running for election do not adequately address national debt and inflation burdens, and 95% stated they would support a candidate who presents a clear solution to the debt problem.

Civic groups and fiscal watchdogs diagnose that voters' sense of crisis is not merely confined to macroeconomic indicators but is combined with pessimism about the overall real economy, including high inflation and surging mortgage rates. Carolyn Bourdeaux, Executive Director of the Concord Coalition, pointed out that national debt has emerged as a major issue intertwined with the ability to afford living costs and a pessimistic sentiment about America's economic standing. Marc Goldwein, Senior Vice President of the Committee for a Responsible Federal Budget (CRFB), also analyzed that "the public is greatly shocked when they learn that the US government is spending more on interest costs than on defense," indicating an underlying perception that massive debt is harming the normal state of the economy.

Despite voters' concerns reaching a critical point, it is unlikely that Washington political circles will present extensive debt reduction measures before the midterm elections. Currently, the US government's statutory borrowing limit is set at $41.1 trillion. The Bipartisan Policy Center (BPC) estimates that the federal government will reach the debt ceiling between late winter and as early as next summer. Congressional action is inevitable to prevent financial market turmoil.

Experts have identified the lame-duck session, which runs from immediately after the election until early January when the next Congress is inaugurated, as the only window for agreement. In the current configuration where Republicans control both the House and Senate, a stopgap measure is strongly discussed: raising the debt ceiling again through negotiations with the Donald Trump administration, while inserting some complementary measures to appease fiscal watchdogs. As the Democratic Party is highly likely to retake the House majority in the November midterm elections, this could be the last compromise before the division of power.

[Article Key Summary]

-92% of voters expressed anxiety, stating that the national debt, which has surpassed $40 trillion, fuels rising living costs.

-The massive national debt interest costs, which have overtaken defense spending, are fueling discontent over high inflation and high interest rates.

-Fundamental reforms before the election are unlikely; a compromise involving a temporary increase in the debt ceiling during the lame-duck session is expected.

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