Total US debt is growing rapidly.
After crossing the $32 trillion threshold on June 15, America’s outstanding debt has already increased by another $246 billion, according to new information. numbers From the Ministry of Finance.
The current $32.246 trillion figure includes debt held by the public as well as debt held by federal trust funds and other government accounts.
Debt soars amid new problems report About the US long-term budget outlook from the US Congressional Budget Office.
The U.S. budget deficit will continue to soar, according to a bipartisan agency.
“By the end of 2023, the federal debt held by the public will reach 98% of GDP. Debt will then increase in relation to GDP, surpassing the historical high of 107% of GDP in 2029, reaching It will rise to 181% of GDP by 2020.
Such high and growing debt would slow economic growth, drive up interest payments to foreign Treasury holders, and pose significant risks to the fiscal and economic outlook. It is also possible that lawmakers may feel more constrained in their policy choices. ”
Moreover, the Congressional Budget Office expects the US budget deficit, which is estimated to reach 5.8% of gross domestic product (GDP) by the end of this year, to reach 10% of GDP by 2053.
This level has only been exceeded during World War II and during a sudden spike in government spending in 2020.
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