‘Cut up the credit cards:’ Congress is getting brutal about ‘embarrassing’ $31 trillion national debt
The U.S. national debt held by the public has exceeded the size of the economy, reaching $31.27 trillion as of March 31, surpassing the previous 12-month GDP of $31.22 trillion and pushing the debt-to-GDP ratio to 100.2%. Lawmakers and economic leaders from across the political spectrum are expressing concern over the long-term fiscal implications, citing risks such as inflation, higher interest payments, and reduced domestic investment. Despite the warnings, some experts, including the CBO director, remain optimistic that policymakers can avoid a fiscal crisis through thoughtful action.
Opening excerpt (first ~120 words) tap to expand
The value of debt held by the public has officially surpassed the size of the U.S. economy, and members of Congress are increasingly sounding the alarm over the fiscal trajectory of their nation. As of March 31, debt held by the public stood at $31.27 trillion, while nominal GDP over the prior 12-month period was an estimated $31.22 trillion—pushing the debt-to-GDP ratio to 100.2%, according to a press release issued Thursday by the Committee for a Responsible Federal Budget (CRFB), based on new data from the Bureau of Economic Analysis.It marks yet another threshold for the U.S.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Fortune.
Discussion
0 commentsMore from Fortune
