US national debt exceeds $33-trillion for first time

US national debt exceeds $33-trillion for first time

THE United States gross national debt exceeded $33-trillion for the first time on Monday, and this milestone was noted in the daily report of the country’s Treasury Department, which detailed the balance sheet of the US.

It came as the congress appeared to be faltering in its efforts to fund the American government ahead of the deadline on September 30.

The Bank of America said there’s a 50% chance that the US government will face a shutdown if Congress fails to reach a solution by the end of September.

To recall, on January 19, the US hit its $31.4-trillion debt ceiling.

In June, a debt ceiling bill suspended the effect of the US Federal Government debt ceiling until 2025, and then the size of the federal government debt quickly exceeded $32-trillion.

To recall, Fitch, one of the three major independent agencies that assess creditworthiness, downgraded the US long-term foreign-currency Issuer Default Rating (IDR) to ‘AA+’ from ‘AAA’ over concerns about the high and growing debt burden of the US Government.

It is also expected that US’s rating will continue to deteriorate over the next three years.

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