The US national debt exceeded $33 trillion for the first time
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The US national debt exceeded $33 trillion for the first time, according to data from the country’s Treasury Department.
“It was a stark reminder of the nation’s shaky fiscal trajectory as Washington faces the prospect of a government shutdown this month amid yet another fight over federal spending.” noted The New York Times newspaper.
US President Joe Biden signed law to raise the national debt ceiling on June 3 after the figure reached the previously set limit.
At the beginning of June, the US national debt moved the $32 trillion mark. The excess came nine years earlier than expected, with the fight against COVID-19 requiring extraordinary spending “along with sluggish economic growth.” According to forecasts, by 2030 the US national debt could exceed $50 trillion
On August 2 it was reported that Fitch lowered 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.
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