U.S National Debt Experiences $1 Trillion Increase In A Month
Recent information provided by FiscalData reveals that on June 2nd 2023, the total outstanding public debt of the U.S amounted to $31.467 trillion. Just 28 days later, on June 30th, this figure surged to $32.332 trillion, indicating a remarkable rise of $865 billion.
The rapid growth in U.S debt during this 28 day period surpasses the combined Gross Domestic Product (GDP) of 3 significant global economies, namely Greece, Finland, and Hong Kong. Collectively, these economies produced a total of $859.71 billion in wealth last year, which is lower than the debt accumulated by the U.S in just 4 weeks.
In a recent report, the Congressional Budget Office (CBO) projected that the national debt will far outpace GDP growth and could reach nearly 3 times the local GDP within the next few decades. The CBO further anticipates that by 2053, U.S GDP will rise to $79.5 trillion, while the debt will skyrocket to $143.895 trillion.
The federal agency warns that such high and escalating debt levels would impede economic growth, increase interest payments to foreign holders of U.S debt, and pose significant risks to the fiscal and economic outlook. Moreover, it could potentially limit policy options for lawmakers while simultaneously encouraing alternative financial options such as cryptocurrencies and other digital assets.
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