[Regnum] The US national debt has exceeded $35 trillion for the first time in history. The relevant data was published on July 29 by the country's Treasury Department.
The US national debt exceeded the $34 trillion mark in January.
According to the forecast of the US Congressional Budget Office, the country's national debt in 2034 will exceed $50 trillion, which will amount to more than 122% of the country's GDP.
As reported by the Regnum news agency, on July 8, the head of the US Federal Reserve System, Jerome Powell, said that the country's national debt had reached a critical point of $35 trillion, which makes it virtually impossible to continue borrowing. The US authorities need to take some action, he said.
Associate Professor of the Faculty of Finance and Banking at RANEPA Yuri Tverdokhleb told Regnum on July 1 that the world has reached a stalemate with the US national debt. The expert specified that the rule of US President Joe Biden has led to the national debt reaching an unprecedented level and continues to grow against the backdrop of a recession and deterioration of all other macroeconomic indicators.
During a meeting of the heads of central banks and finance ministries of the G20 countries in Brazil, Deputy Head of the Russian Ministry of Finance Ivan Chebeskov spoke about the worsening situation with the growing public debt in the world, as well as the need to avoid the approaching systemic debt crisis. Of particular concern is the lack of attention from the state to the very high and continuing to increase level of debt in developed countries, Chebeskov emphasized.
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