Monday, 17 June 2024

US national debt exceeds $33 trillion for the first time

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The US Treasury Department revealed that the total US national debt exceeded $33 trillion for the first time ever, which means that each citizen owes $97,000. The population of the United States is about 340 million people

According to US Treasury Department figures, the country’s debt has reached a historic high amid budget discussions in Congress

The debt increased by about one trillion dollars in a period of 3 months, after recording $32 trillion in June, while if current trends continue, the debt will reach $34 trillion by the end of the year.

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America reached its debt limit of $31.4 trillion on January 19, and the US Treasury took exceptional measures to avoid exceeding the limit and prevent a possible default.

After negotiations on the debt limit, an agreement was reached in Congress, and President Joe Biden signed a bill in June to increase the debt limit and prevent the country from defaulting.

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