The US public debt exceeds $34 trillion for the first time in the history

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The US public debt broke the $34 trillion limit for the first time in the history of the United States, according to what the US Treasury Department announced, and according to data, the US public debt reached $34.001 trillion.

While experts said that the interest on these huge debts may cost the US government about a third of the state’s budget revenues.

Historical patterns show that optimism often reaches its peak before periods of economic recession, and economists struggle to predict recessions because they are events that are often unpredictable stereotype.

The US monetary policy is fundamental to the issue, as the full impact of the recent federal interest rate increases may not be felt in early 2024, which may negatively affect the economy.

At the end of August 2023, Bloomberg reported that the US budget deficit is exploding in an unprecedented way.

Bloomberg noted that US officials are keener than ever to feed the economy with government funds, which helps raise borrowing costs.

Earlier, US Treasury Secretary Janet Yellen stated that the possibility of a recession in the United States cannot be completely ruled out, as the country is still suffering from high inflation.

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