Siluanov linked the high US national debt with the uncontrolled emission of the dollar

The US government debt has reached high levels due to the fact that Washington, confident in the stability of the dollar, continues its uncontrolled emission, Russian Finance Minister Anton Siluanov told reporters.

“The US debt is really big, but the problem is that they themselves print this money and buy it, buy bonds of the United States of America, because they still live in the paradigm that the dollar is a reliable and stable currency,” he said (quote according to RIA Novosti).

As a result, a significant part of the budget is spent on debt servicing, rates are rising, and, according to the minister, the United States has less and less money for current tasks.

In early June, the US national debt exceeded $32 trillion for the first time, and President Joe Biden signed a law raising the national debt ceiling, which will prevent a possible default and avoid a “catastrophic” blow to the economy, the White House noted. According to the document, the US Code’s cap clause is suspended until January 1, 2025, but at the end of the freeze period, effective January 2, 2025, the ceiling may be increased in accordance with current need. According to forecasts, by 2030 the US national debt could exceed $50 trillion.

On August 2, it was reported that Fitch downgraded the US rating from AAA to AA+. The changes are due to an expected deterioration in the fiscal situation over three years, a high debt burden and weakening governance. In addition, the reasons for the downgrade include the growing budget deficit of the country, an increase in public debt, an increase in the Federal Reserve rate and the threat of recession. The White House categorically disagreed with the agency’s decision. In September, the flow of US government debt exceeded $33 trillion.