US government debt tops $20 trillion, exceeding 100% of country’s GDP


September 12 , 2017 – Fort Russ News – 

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Rusvesna – translated by Inessa Sinchougova

The US national debt has exceeded the $20 trillion mark, increasing by  $318 billion in one day.

Last week, US President Donald Trump and Congress agreed on a temporary increase in the ceiling of the national debt, and this issue has so far been postponed until December.

At the same time, the upper limit of the national debt was reached in March, and since then the US Treasury has been limited in the possibility of borrowing.

Earlier, the limit was at the level of $19.808 billion, so the national debt did not grow for several months, and the Ministry of Finance used the funds from reserves in the framework of “extraordinary measures”. But on September 6, reserves remained at $38.6 billion, that is to say, the problem was acute.

At the same time, the authorities also had to allocate $15 billion for the liquidation of the consequences of Hurricane Harvey.

The US government debt at the moment is $20,162 trillion, exceeding 100% of the country’s GDP, which is estimated at $ 19.6 trillion.

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