WASHINGTON July 30. 2024 (Saba) - The US public debt today reached a new historical level, exceeding $35 trillion, equivalent to 122.5 percent of the US gross domestic product.
Local media reports indicated, on Tuesday, that the huge debt is a huge burden on the US budget, as its service accounts for 15 percent of US budget expenditures, and in general, more than 76 percent of taxes collected from individuals are spent on paying debt obligations in the United States.
This means that the US president, who will be elected this year, will lead a country whose economy largely works on servicing existing debt.
Since 2019, the US federal debt has increased by $13 trillion, and now constitutes 122.5 percent of the US gross domestic product.
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resource : Saba
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