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USA faces ‘economic catastrophe’ if it does not raise debt ceiling

The excessive US public debt is becoming an increasingly acute domestic political problem which, if the Democrats and Republicans do not find a solution soon, could lead for the first time to the US government running out of money to pay its obligations. The consequences of this would be, in the words of US Treasury Secretary Janet Yellen, “catastrophic”. Not only for the US, but also for the global financial system.

 

In January, the US reached its legal debt ceiling, with a debt of USD 31,400 billion, or 120% of annual GDP (compared to Slovenia’s debt of 70% of annual GDP).

 

Source: N1Info

 

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