 Extending all or even most of the tax cuts is likely to make that worse. And with rising interest rates, the government is now spending more money just to pay the interest on all that debt. This year, the federal government's going to spend more money on interest on the federal debt than it will on national defense. So neither of these men gets a merit badge for fiscal responsibility. And just to put one more caution flag out there, both Trump and Biden have promised not to touch Social Security benefits.