The federal government is facing a massive spending problem: Government spending is up to $7.0 trillion over the last 12 months, near the highest in history. This is only below the ~$7.8 trillion on a 12-month rolling period seen during the 2020 Pandemic and 2021 recovery. By comparison, before 2020, federal spending was running between $3.5 trillion and $4.5 trillion for 10 years. Meanwhile, government revenue is up to a record $5.4 trillion over the last 12 months, rising nearly +$1.0 trillion since 2023. Overall, the gap between federal spending and revenue has persisted for 23 consecutive years. What’s the long-term plan here?(The Kobeissi Letter)