US debt renewed its historical record of $22 trillion

US debt renewed its historical record of $22 trillion

The size of the public debt of the United States has set a historical record, surpassing the mark of $22,01 trillion. The corresponding figure disclosed in the daily report of the U.S. Treasury.

During the reign of U.S. President Donald trump us debt increased by $2,06 trillion, with $19,95 trillion, said the Associated Press. One of the main factors that contributed to its growth, was the reduction of taxes in December 2017.

The congressional budget office forecasts US that in the current fiscal year the deficit will be $897 billion, which is 15.1% more than last year’s imbalance of $779 billion. Experts expect that the deficit will continue to average $1 trillion per year starting in 2022 and will never fall below $1 trillion. including the mass retirement of the generation of baby boomers.

The total national debt in 2018 fiscal year was 78% of GDP, specifies CNN, citing data from the congressional budget office. If no changes will occur to 2028, it will reach 96% of GDP.