The total amount of US debt is climbing at a rapid rate.
After crossing the $32 trillion mark on June 15th, the amount of outstanding American debt has already increased another $246 billion, according to new numbers from the Treasury Department.
The current $32.246 trillion figure includes debt held by the public and debt held by federal trust funds and other government accounts.
The skyrocketing debt comes amid a new report from the US Congressional Budget Office on America’s long-term budget outlook.
According to the nonpartisan agency, US deficits are poised to continue soaring in the years ahead.
“By the end of 2023, federal debt held by the public equals 98% of GDP. Debt then rises in relation to GDP: It surpasses its historical high in 2029, when it reaches 107% of GDP, and climbs to 181% of GDP by 2053.
Such high and rising debt would slow economic growth, push up interest payments to foreign holders of US debt, and pose significant risks to the fiscal and economic outlook; it could also cause lawmakers to feel more constrained in their policy choices.”
In addition, the Congressional Budget Office says the US deficit, which is estimated to hit 5.8% of gross domestic product (GDP) by the end of this year, will hit 10% of GDP by 2053.
That level has only been surpassed during World War II and during the abrupt burst of government spending in 2020.
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