WASHINGTON DC, The United States – The US national debt surpassed for the first time the $22 trillion mark, Treasury Department data showed on Tuesday.
According to the US Treasury, total US public debt rose more than $30 billion from the latest balance sheet released earlier this month to $22.012 trillion.
According to the US Congressional Budget Office (CBO), the US budget deficit will rise by more than $100 billion to $900 billion this year. The CBO said in its January report that deficits will fluctuate between 4.1% and 4.7% of gross domestic product (GDP) over the next decade, well above the average of the past 50 years.
According to this body of Congress, federal spending is expected to increase from 20.8 percent of GDP in 2019 to 23 percent in 2029.
US President Donald Trump has repeatedly criticized his predecessor, Barack Obama, for overstretching US debt during his administration. Throughout his election campaign, Trump promised that if he arrived at the White House, he would get rid of the public debt within eight years, seeking more favorable trade deals.
With the empire decline, partially because of the debt accumulated in its Middle Eastern conquests, this has not stopped puppet countries from attempting to complete align itself with the USA, for example Brazil.
Rather than looking towards the multipolar future, Brazil has completely aligned itself with Washington, which spells bad news considering the significant debt both countries find themselves in.
After closing 2018 at almost R $4 trillion, a record level, the Brazilian Federal Public Debt (DPF) is expected to reach the end of 2019 between R $4.1 trillion and R $4.3 trillion, Agência Brasil reported.
The National Treasury Department of the Ministry of Economy presented on Monday the Annual Debt Financing Plan (PAF) of public debt in 2019. Through the public debt, the National Treasury issues bonds and borrows money from investors to honor commitments . In return, the government commits itself to return resources with some correction, which may follow the Selic rate, inflation, exchange rate or be prefixed, set in advance.