The total amount of US debt is increasing rapidly.
After surpassing $32 trillion on June 15, the amount of America’s outstanding debt has already increased by another $246 billion, according to new Treasury Department figures.
The current figure of $32.246 trillion includes debt from the public, as well as debt from federal trust funds and other government accounts.
The skyrocketing debt comes in the context of a new report from the US Congressional Budget Office on America’s long-term fiscal outlook.
According to the bipartisan agency, US deficits are expected to continue to rise in the coming years.
“By the end of 2023, federal debt held by the public will be 98% of GDP. Subsequently, the debt-to-GDP ratio increases: in 2029 it exceeds its historical peak of 107% of GDP and rises to 181% of GDP by 2053.
Such high and rising indebtedness would slow economic growth, increase interest payments to foreign holders of US debt, and pose significant risks to the fiscal and economic outlook; It could also make lawmakers feel more constrained in their policy choices.”
Additionally, the Congressional Budget Office projects that the US deficit, which is estimated to reach 5.8% of gross domestic product (GDP) by the end of this year, will reach 10% of GDP by 2053.
This level was only surpassed during World War II and during the abrupt increase in government spending in 2020.
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