Over at RealClearPolicy, Paul Winfree, president and CEO of the Economic Policy Innovation Center, lists all the potential sources of debt coming our way. Winfree writes:

In the next three years, the elements of the perfect debt storm will come together. At the end of 2025, most of the provisions of the 2017 tax reform that lowered taxes for American workers, families, and small businesses will expire. A year later, $350 billion in funding that states and local governments have become addicted to (and that was part of the $1.9 trillion Biden spending bonanza) will also expire, as will $400 billion in contract authority from the bipartisan “infrastructure” bill. Meanwhile, hundreds of billions of dollars in unpopular provisions used to pay for the Inflation Reduction Act will kick in along with unanticipated costs associated with the new green energy tax subsidies.

The summation of these proposals could add an additional $3.5 to $5 trillion to the debt over the next 10 years. This is exactly why the rating agencies, such as Fitch and Moody’s, are sending up warning flares.

That’s on top of the debt projected by Congressional Budget Office based on current policies for the next ten years. As a reminder, in its May 2023 report, CBO projected that the U.S. would add $21 trillion of debt between 2023 and 2033. Debt held by the public would be $46.7 trillion in 2033, and, depending on what Congress decides to do about all the expiring provisions listed above, it could add much more to the debt.