The US national debt has reached a new all-time high

The US national debt has exceeded $34 trillion for the first time in history. Fox Business reported this.

According to the US Treasury Department, the US national debt exceeded $34 trillion as of Friday, December 29, 2023. In comparison, just four decades ago the country’s national debt reached approximately $907 billion.

According to the latest data from the Congressional Budget Office, the US national debt will nearly double over the next three decades. By the end of 2022, the country’s public debt has risen to around 97% of GDP. This number is expected to increase to 181% by the end of 2053.

According to the agency’s January 2020 projections, the federal debt is expected to exceed $34 trillion in fiscal year 2029 alone. However, the nation’s debt has grown faster than expected due to the multi-year coronavirus pandemic that has brought much of the US economy to a standstill.

In addition, the US government took significant loans from former President Donald Trump and current President Joe Biden to stabilize the economy and support its recovery.

However, the country’s economic recovery has been accompanied by rising inflation, which has raised interest rates and made it more expensive for the government to service debt.

We remind you that according to IMF forecasts, Ukraine’s public debt will reach its peak in 2025. This year, public debt will grow to 98.6% of the country’s GDP, and by the end of 2025 it will exceed 100% of GDP.

During the 11 months of 2023, the Ministry of Finance of Ukraine attracted about $37.4 billion in external financing for the urgent needs of the state budget.