The U.S. national debt has reached a new high of $34.753 trillion, with the number increasing by over $7 billion just on the last day and continuing to rise.
The Congressional Budget Office (CBO) recently revised its forecast, projecting that the U.S. public debt will reach $50 trillion by 2034. This means a growth of over 40% in the next decade, which could pose challenges to the U.S. economy.
Previously, the CBO projected that the U.S. debt could reach $20.34 trillion by 48.3.
In addition, experts at the budget office predict that inflation may slow down in the second half of 2024, which could provide some relief to investors and the public dealing with inflation pressures. This outcome may prompt the Federal Reserve to consider cutting interest rates in early 2025 to stimulate the economic situation.
Read more:
The U.S. economy doesn’t need rate cuts – at least not now
From the perspective
Predict
Show that by 2028 the country
Debt
The U.S. GDP could reach 109% of GDP – a figure higher than any other in the country’s history. By the end of 2034, it could reach 122% of GDP, far exceeding the level in 2023 and more than twice the average of the past half century.
