• US debt has increased by $246 billion since June 15th, reaching a total of $32.246 trillion.
• The Congressional Budget Office (CBO) warns that US deficits will continue to increase in the years ahead and will reach 10% of GDP by 2053.
• This high and rising debt could slow economic growth, push up interest payments, and pose significant risks to the fiscal and economic outlook.
US Debt Soars Past $32 Trillion
The total amount of US debt has reached a new milestone after crossing the $32 trillion mark on June 15th. According to new numbers from the Treasury Department, the current amount of outstanding American debt is now sitting at $32.246 trillion. This figure includes both debt held by the public and debt held by federal trust funds and other government accounts.
CBO Warns Deficits Will Continue To Increase
A new report from the US Congressional Budget Office (CBO) paints an alarming picture of America’s long-term budget outlook. The CBO estimates that US deficits are poised to hit 5.8% of gross domestic product (GDP) by the end of this year and will reach 10% of GDP by 2053 – surpassing levels seen only during World War II or in 2020 due to abrupt government spending increases.
Debt Could Slow Economic Growth & Pose Risks
The CBO warns that such high and rising levels of debt could have serious implications for America’s economy: “It would slow economic growth, push up interest payments to foreign holders of US debt, and pose significant risks to the fiscal and economic outlook; it could also cause lawmakers to feel more constrained in their policy choices.”
Americans Urged To Take Action Now
As America’s financial situation continues to worsen, many experts are urging individuals to take action now before it’s too late: Start paying off debts while you still can as well as saving money for future needs such as retirement or kids’ college tuition fees. Taking these steps can help protect your finances against any potential future shocks caused by rising national debt levels.
US national debt is continuing its rapid climb with no sign of slowing down anytime soon according to recent reports from both the Treasury Department and Congress Budget Office (CBO). With threats looming over potential impacts on economic growth, interest payments, and policy constraints – it is clear that Americans must take personal action now in order secure their own financial futures before it’s too late!