US national debt exceeds USD36 trillion
Date
11/20/2024 1:28:45 AM
(MENAFN) The US national debt has crossed the $36 trillion mark for the first time, according to the US Debt Clock, a real-time tracker of the nation's finances. The debt increased by nearly $1 trillion in just four months, rising by nearly 6% from January to November. Earlier this year, in late July, the Treasury had reported surpassing $35 trillion. The pace of debt accumulation appears to be accelerating, with a $1 trillion increase occurring in under six months from January.
In its August report, the Congressional Budget Office projected the debt would exceed 106% of GDP by 2027 and rise to 122% by 2034. The International Monetary Fund (IMF) presented an even bleaker forecast, predicting the debt could surpass 140% of GDP by 2032, warning of risks to both the US and the global economy. Tech billionaire Elon Musk, who has been tasked with improving government efficiency in the incoming Trump administration, has voiced concerns about the US defaulting on its debt, noting that rising interest payments could soon consume all tax revenue, leaving little for other critical needs.
MENAFN20112024000045015687ID1108904885
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.