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US national debt approaches $34 trillion

Economy: US national debt approaches $34 trillion

The US national debt currently stands at nearly $34 trillion, having increased by $3 trillion since June of this year. According to the #Bank of America, citing data from the Congressional Budget Office, the US government's debt could exceed $50 trillion by the year 2033.

The #United States covers its budget deficit by selling government securities, which are essentially bonds issued by the Department of the Treasury to generate short-term revenue. These securities, including Treasury bills, notes, bonds, and more, are then repaid by the federal government to investors at a fixed rate. This debt can be owned by individuals and companies (known as public debt) or by the government itself (known as intragovernmental debt).

However, as interest on the debt must be repaid to creditors who purchase government securities, the government ends up spending an increasingly large portion of its budget on servicing the national debt. This not only creates a financial burden for the government but also diverts federal funds away from other important programs.

While the government raises the debt ceiling to prevent defaulting on its debt, it merely postpones the problem, creating growing financial obligations that future generations will find difficult to repay.

According to the US Government Accountability Office for the year 2022, the growing national debt resulting from US fiscal policy over the past few decades is considered unsustainable in the medium and long term.

Since 1993, the national debt has increased by $25.73 trillion. The largest increase in a single term occurred during President Donald Trump's tenure, primarily in response to the COVID-19 pandemic, as well as during President Barack Obama's first term during the Great Recession.

Under President Bill Clinton, the national debt started at approximately $4.23 trillion and grew to $5.73 trillion, an increase of 35.5%. Under President George W. Bush, the national debt grew from $5.73 trillion to $10.63 trillion, an increase of 85.5%. Under President Barack Obama, the national debt grew from $10.63 trillion to $19.96 trillion, an increase of 87.8%. Under President Donald Trump, the national debt grew from $19.96 trillion to $27.77 trillion, an increase of 39.1%.

The Congressional Budget Office (CBO), an independent agency that oversees the US budget, has indicated that, based on projections, the #national debt will continue to grow at an accelerating pace if the current tax and budget policies remain unchanged.

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