Today, U.S. public debt has reached a new historic high, surpassing $35 trillion, equivalent to 122.5 percent of U.S. GDP.
Huge debt is a huge burden on the U.S. budget, servicing it accounts for 15 percent of U.S. budget expenditures, and overall, more than 76 percent of taxes collected from individuals are spent on paying off debt obligations in the U.S.
Since 2019, the US federal debt has risen by $13 trillion, accounting for 122.5 percent of US GDP.
Source (Al-Rai Kuwaiti Newspaper, Edited)
