The US government has added nearly $2 trillion to the national debt since the start of the year, according to new data from the Treasury Department.
The Treasury’s Debt to the Penny database shows that the US national debt has increased by $1.92 trillion since January 2nd, bringing the total debt to more than $35.91 trillion as of November 5th.
The national debt reached the $35 trillion level for the first time in July and is now less than $90 billion shy of hitting the $36 trillion mark.
The new data comes amid a stark warning from the International Monetary Fund (IMF) on the need for the US to get its finances in order.
In both the US and China, the IMF says current debt trajectories are unsustainable.
“After years of loose fiscal policy, it is now time to stabilize debt dynamics and rebuild much-needed fiscal buffers…
For some countries, like the United States and China, debt dynamics are not stabilized under current fiscal plans. In many others, while early fiscal plans showed promise after the pandemic and cost-of-living crises, there are increasing signs of slippage.”
The IMF says both nations should move quickly and establish credible plans with specific debt targets.
“The path is narrow: unduly delaying adjustment increases the risk of disorderly market-imposed adjustments, while an excessively sharp turn toward fiscal consolidation would be self-defeating and hurt economic activity.
Success requires staying the course by implementing gradual and credible multiyear adjustments without delay, where consolidation is necessary. The more credible and disciplined the fiscal adjustment, the more monetary policy will be able to play a supporting role. But the willingness and ability to deliver disciplined and credible adjustments have been lacking.”
The IMF says global public debt is expected to exceed $100 trillion by the end of 2024, with debt levels currently on track to reach 100% of global GDP by 2030.
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