U.S. Public Debt Surpasses USD37T
(MENAFN) On Monday, the total U.S. public debt exceeded an astonishing $37 trillion, as reported Tuesday by the U.S. Department of the Treasury.
The debt composition includes $29.64 trillion held by the public and $7.36 trillion in intragovernmental holdings.
At the start of the 2024-2025 fiscal year on October 1, 2024, the combined U.S. public debt stood at $35.46 trillion, as reported in a daily treasury statement.
The rapid expansion of U.S. debt in recent years has sparked widespread alarm worldwide.
"The gross national debt hitting 37 trillion U.S. dollars is yet another stunning reminder of the terrible state of federal finances. Spending and revenue are woefully out of balance -- to the tune of nearly 2 trillion U.S. dollars annually and rising," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.
MacGuineas added, expressing urgency, that she hopes "we need to do something, and we need to do it quickly" will resonate with policymakers confronting this alarming milestone.
The U.S. debt crossed $35 trillion in July and $36 trillion in November 2024, following a $34 trillion threshold breach in January of the same year.
Adding to the concern, figures from the U.S. Bureau of Economic Analysis reveal that the country’s gross domestic product (GDP) in 2024 was valued at only $29.18 trillion, underscoring a debt-to-GDP ratio surpassing 100%.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
