US public debt exceeds $35 trillion for the first time

According to the New York Times, the US Treasury Department released data showing that the total public debt of the federal government surpassed the $35,000 billion mark for the first time last weekend.

Headquarters of the US Department of the Treasury. Photo: US DEPARTMENT OF THE TREASURY

The US national debt is growing rapidly. As of the end of December 2023, the US national debt stood at $34 trillion. About three months earlier, the US national debt had surpassed a historic high of $33 trillion.

Maya MacGuineas, chair of the Committee for a Responsible Federal Budget, said that as borrowing costs continue to rise, the United States will soon face a serious situation. To achieve the goal of reducing the national debt ratio, Republicans believe that wasteful spending should be limited, while Democrats believe that the solution is to increase taxes on the rich.

According to the Peter G. Peterson Foundation, a nonpartisan organization focused on solving America's long-term fiscal challenges, the national debt of $35,001 billion means that every American will owe $103,945.

The fund blames the high deficit on an aging population, rising health care costs, and a tax system that does not generate enough money to fund the spending the government has pledged to do for its citizens.

SOUTH

Source: https://www.sggp.org.vn/no-cong-my-lan-dau-vuot-muc-35000-ty-usd-post751639.html