US national debt exceeded $32 trillion – Kommersant

The volume of public debt of the USA for the first time exceeded $32 trillion. This happened nine years earlier than expected in pre-pandemic forecasts, notes The New York Times.

According to the newspaper, by the end of the decade, the debt could reach $50 trillion, even with the recent bipartisan agreement to cut spending. Experts at the Peterson Foundation have expressed concern over forecasts that suggest a $127 trillion increase in public debt over 30 years, which will lead to interest expenses in the amount of 40% of all federal revenue by 2053.

Treasury Secretary Janet Yellen previously noted that the White House has achieved a reduction in the budget deficit by $ 3 trillion. She drew attention to the fact that in the medium term, interest rates will decline, which will make the debt burden more manageable.

The United States was threatened with default in early June due to the refusal of the Republican Party to raise the national debt ceiling without cutting spending by the Joe Biden administration. The parties entered into a deal only at the end of May. The agreement provides for a freeze on the state debt ceiling until January 1, 2025 in exchange for limiting budget spending.

On the political situation around the ceiling of the national debt – in the material “Kommersant” “Borrow more, spend less”.

Leonid Uvarchev