US national debt exceeds USD36 trillion
Date
11/17/2024 4:31:50 AM
(MENAFN) America’s national loan has exceeded USD36 trillion for the initial time in its history, the US Debt Clock – a website watching the country’s finances in real time – stated on Friday.
The number rose by approximately 6 percent from January to November, surging by USD1 trillion in fewer than four months. During late July, the US Treasury declared that it had exceeded USD35 trillion.
The volume of accumulation seems to be increasing, since it was USD34 trillion in early January and then rose by USD1 trillion in fewer than six months. The US Treasury still has not formally approved the new data.
Throughout August, the Congressional Budget Office stated in its statement that it estimates the debt to hit a record of above 106 percent of GDP by upcoming three years, and eventually increase to 122 percent by 2034.
The International Monetary Fund painted an even grimmer picture in its US economic outlook report in July. “Under current policies, the general government debt is expected to rise steadily and exceed 140 percent of GDP by 2032,” it stated at the time.
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