The US government debt hits new record high

The US Treasury Department announced that the US government debt has reached a new record high, exceeding the $36 trillion mark.

According to a report released by the Treasury Department on Saturday, the US government debt has increased by about $2 trillion this year, from $34 trillion last January.

The US government debt has increased significantly during Joe Biden’s presidency, increasing from $28 trillion up to $36 trillion, which is an unprecedented level in the country’s history.

According to IMF estimates, US government debt is expected to reach 131.7% of GDP by 2029, and is expected to exceed 140% of GDP by 2032, posing a major threat to both the US and global economies.