The US public debt reached a new record high of $ 34 trillion in January 2024, as lawmakers raised the US debt ceiling last year, to avoid default. The debt picture will worsen in the coming years, according to the Congressional Budget Office, which estimates that maturities, mandatory spending, and net interest payments on debt in the United States will exceed total government revenues by the early thirties.
The US public debt in the last two decades has soared to 4.6 times, from $ 7.3 trillion in January 2005, an increase of $ 26.7 trillion in 19 years, of which only $ 2.6 trillion during 2023, as the ceiling of US government debt in January last year exceeded $ 31.4 trillion.
Source (Al Khaleej Emirati Newspaper, Edited)
