According to US Treasury Department data, the US national debt exceeded $33 trillion for the first time in the country’s history last Monday.
US Treasury Secretary Janet Yellen indicated, during media statements issued on Tuesday, that the US national debt is currently close to $33.04 trillion.
However, Yellen stressed that the US economy is moving in a sustainable direction.
She expressed her satisfaction with the economic situation in the country despite the high inflation rate and interest rates.
Yellen added that there is an opportunity to reduce the fiscal deficit further, as US President Joe Biden proposed a series of measures that would reduce the deficit while investing in the economy.
The US Treasury Department explained that the deficit must be kept under control, noting that the course of the financial situation is often evaluated based on the net interest ratio as a share of gross domestic product, and despite the rise in interest rates, this ratio is still reasonable at approximately 1%.
However, caution must be taken in what we do in the future to ensure that we continue on this sustainable path.
This development comes at a time when the US Congress is working to finance the country’s government before the end of this September, to avoid a possible government shutdown.