EXPLAINED - America's debt mountain has topped $40 trillion. How long can it keep going?
US President Trump does not want to hear anything about saving. The most important questions and answers about the American debt problem.
The US national debt has surpassed $40 trillion for the first time, with the government's spending habits showing no signs of slowing down. The debt has grown rapidly, with the US now having a higher debt-to-GDP ratio than countries like Switzerland and Germany. The US Treasury must constantly issue new bonds to finance the deficit and refinance existing debt, and rising interest rates are increasing the cost of servicing the debt, which currently accounts for around 13% of federal spending.
The Congressional Budget Office expects the debt burden to continue growing due to an aging population and lower growth expectations.
Written by urgent.news from NZZ Wirtschaft's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
