The public debt stems from a deficit in the budget, which is a result of fiscal and budgetary policies balancing government spending and revenue. The next economic action that needs to occur is for the US to greatly restructure its budget in an attempt to achieve a budget surplus (Sexton, 2019). Realistically, it is both practically and politically challenging due to the approach that the US leads but given that borrowing is not indefinite and will at some point lead to crisis, that may be a considerable factor to budget only the most essential costs and apply a policy of scarcity and government cuts.
Another economic development would be for the government to increase its revenue, the primary means of which are taxes. Although politically controversial, tax loopholes and other means of evasion remain common for the ultra-rich and corporations, being a potentially tremendous source of income. However, according to Illán (2021), even slight increases to the general taxes for the majority of the population can lead to substantial profitability, which, combined with cuts in government spending, can be applied to paying off public debt.
References
Illán, I. (2021). Tax increases to reduce the government debt load: What business owners should consider. Forbes. Web.
Sexton, R. (2019). Survey of econ. Cengage Learning.