WASHINGTON, October 21. /TASS/. The US national debt has grown by nearly $400 billion in the two months since it reached a record $40 trillion, according to US Treasury Department data analyzed by TASS.
According to information published by the department, US sovereign debt currently stands at nearly $40.4 trillion. This means that since reaching the record level of $40 trillion on August 19 this year, the volume of government borrowing has increased by 1%.
According to US experts’ forecasts, the country’s national debt will grow to approximately 120% of gross domestic product over the next decade. This means that the federal government’s debt will exceed the annual output of the entire US economy. Washington spends nearly $970 billion annually on interest payments on its national debt, more than it spends on defense. Since 2020, these expenditures have tripled.
According to the Peterson Institute for International Economics, without reforms to government spending or taxation, the country’s debt could reach $50 trillion in six years.