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Elmendorf noted that upheavals worldwide are expressing themselves in higher energy costs, efforts to bring home supply chains from abroad and increased spending on national security, all of which can “crowd out social spending and raise government borrowing.” That possibility could in some ways challenge Biden's promises to lower inflation, trim the national deficit and boost spending on health care, children and education.
Biden's burdens grow: Sagging global economy adds to U.S. woes →
