Washington (AP) – US Government Gross Government bonds It surpassed $37 trillion. This is a record number highlighting the accelerated debt to the US balance sheet and increased cost pressure for taxpayers.
The $37 trillion update is available on Latest Ministry of Finance Report It was published on Tuesday, recording the country’s daily finances.
National debt reversed $37 trillion earlier than pre-pandemic forecasts. The Congressional Budget Office’s January 2020 forecast was total debt, which took $37 trillion in federal debt since fiscal 2030, but the debt grew faster than expected due to the multi-year Covid-19 pandemic that shut down much of the US economy in 2020. Donald Trump Former President Joe Biden is in order to stabilize the national economy and help recover.
And now, more government spending has been approved after Trump signed the law Republican Tax Cuts and Expenditure Act Early this year. Law According to the Congressional Budget Office, it is set to add $4.1 trillion to national debt over the next decade. estimate.
In a statement, government borrowing puts upward pressure on interest rates, “adds costs for everyone and reduces private sector investment. Within the federal budget, debt gains a significant priority, creating more borrowing, more interest costs and more borrowing damages cycles.”
Wendy Edelberg, a senior economic research fellow at the Brookings Institution, said Congress plays a major role in setting movement spending and revenue policies.
Government Accountability Bureau It outlines some of the impacts of rising government debt on Americans. These include increased borrowing costs such as mortgages and cars, reduced wages from companies with less money to invest in, and more expensive products and services.
Peterson points out that trillion dollar milestones are “accumulating rapidly.”
The US won $34 trillion in January 2024, $35 trillion in July 2024, and $36 trillion in November 2024. “That’s more than twice the average rate over the past 25 years.”
Joint Economic Committee estimate At current average daily growth rates, an additional $1 trillion increase in debt over approximately 173 days.
“This milestone is enough to awaken policymakers to the reality that we need to do something and we need to do it quickly,” Maya MacGuiineas, chairman of the Responsible Federal Budget Committee, said in a statement.
