2024-07-31 17:16:31
The US national debt has exceeded $35 trillion for the first time in history. This is evidenced by information released by the country’s Ministry of Finance, Day.Az reports with reference to TASS.
The database on the agency’s website shows $35 trillion in the “total national debt” column as of July 29. This is a record figure. In early January, it exceeded $34 trillion. Republicans have already criticized US President Joe Biden for his policies, which, in their opinion, have led to an increase in the national debt.
The Congressional Budget Office projects that the nation’s national debt will exceed $50 trillion in 2034, or more than 122% of the country’s GDP. It estimates that average annual growth of U.S. GDP will be 1.8% from 2029 to 2034.
The country’s national debt has grown by more than $4 trillion in 2023. Biden signed a bill on June 3, 2023, previously approved by Congress, to raise the national debt ceiling. Now the limit will be reached on January 2, 2025.
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