US national debt rises by two and a half trillion dollars in six months

Washington: The US national debt has increased by $2.6 trillion in just six months. In the last six months, the US’s debt burden has increased by more than $400 billion every month. Along with this, Republican Party MP John James provided information that the debt burden of every citizen of the US is now more than a hundred thousand dollars. He also claimed that this issue is a message of danger for the US Biden administration.

The US’s debt burden has been continuously increasing since June. In December, the US’s total debt reached $33.8 trillion. The Treasury Department has shared information about a surge of $2.6 trillion in six months. US national debt rises by two and a half trillion dollars in six months – US Treasury Department informsAs the loan rises, its interest also increases significantly. In the fiscal year ending September 2023, the US administration had to spend more than $800 billion to pay interest, Bloomberg has said.

After Joe Biden took over as President, US’s debt has increased by $6.7 trillion. Just a few months ago, the US Congress passed the ‘Fiscal Responsibility Act 2023’ setting the debt limit till 2025. The new figures emerging against this background are attracting much attention.

In October last year, the US crossed the fixed debt limit of $31 trillion. After this, it has increased by one and a half trillion dollars in just one year. This issue clarifies the enormous scope and pace of debt the Biden administration incurs. Compared to the previous US administration, there has been a huge increase in the expenditure of the Biden administration. Instead of limiting expenditures, wasteful spending, which only increases the debt burden, is also increasing continuously.

Just a few months ago, the US Congressional Office had drawn attention to the dangerous shortcomings of the country’s economy. The ‘Congressional Budget Office’ (CBO) announced that the US’s financial deficit would reach close to one trillion dollars under the leadership of President Biden. This data is for seven months, from October 2022 to April 2023. Federal Reserve chief Jerome Powell had also warned on this issue by saying that the debt burden is increasing faster than the growth rate.

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