The US kicked off the new fiscal year with national debt at a record high of more than $31 trillion, or $31 trillion (€31 trillion). On Tuesday, the debt reached $31.1 trillion, according to data from the US Treasury. The country is approaching a debt ceiling of $31.4 trillion.
In the United States, Congress sets a debt ceiling that limits the amount of money the government can borrow. The limit has been raised dozens of times since it was introduced in 1917 because otherwise it would run out of money. The most recent increase came at the end of 2021 when it was $2.5 trillion. This credit limit is considered sufficient to finance government activities until 2023.
The United States is currently going through a delicate economic situation. Inflation is the highest in decades. In the fight against rising prices, the Federal Reserve has begun to raise key interest rates quickly and in great strides. This makes borrowing more expensive. Experts see this as a major problem, as well as with regard to the national debt.
Unlimited free access to Showbytes? And that can!
Sign in or create an account and never miss a thing from the stars.
