US debt exceeds 100 percent of GDP [View all]

Source: msn/The Hill

12h


The U.S. national debt crossed 100 percent of gross domestic product (GDP) at the end of March, with signs that it might cross the record of 106 percent of GDP reached immediately after World War II. The Bureau of Economic Analysis released data on the national debt reaching 100.2 percent of GDP on Thursday, noting that debt held by the public on March 31 was $31.27 trillion.

GDP over the last year was $31.22 trillion. The national debt was at 99.5 percent of GDP at the end of fiscal 2025 in September. Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said the borrowing did not come from “a seismic global conflict, but rather a total bipartisan abdication of making hard choices.”

“It’s happened — the national debt is now larger than the U.S. economy, about twice the historic average,” she said in a statement reacting to the news. “We’ve heard plenty of alarm bells in the past few years about our fiscal path, but this one rings especially loudly,” MacGuineas continued. “The real question is whether or not our leaders in Washington will listen.”

A daily statement from the Treasury Department last month revealed that the U.S. national debt surpassed $39 trillion, a record reached just five months after the debt sailed past the $38 trillion mark. The government spends $1.33 for every dollar collected as revenue, with the budget deficit projected at $1.9 trillion this year, The Wall Street Journal reported.

Read more: https://www.msn.com/en-us/news/politics/us-debt-exceeds-100-percent-of-gdp/ar-AA227Z4j