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Alarm over the US fiscal deficit: this year it would reach US$3 trillion

Alarm over the US fiscal deficit: this year it would reach US$3 trillion

The figure is almost double what the US Congress estimated and is estimated to be on track to reach almost 28% of that country’s Gross Product by 2050.

To put it another way, even if Biden got literally everything he wants, the country would still be on the fast track to bankruptcy, the analyst maintains.

Different market analysts have warned about the problem of the growing debt that the United States presents, which, by the way, could put the global economy in check. In this context, he revealed that deficit spending is on track to reach almost 28% of the Gross Domestic Product of that country by 2050.

Meanwhile, federal revenue will be just -19% as US debt levels soar“, have fun David Ditch“Fiscal Eagle and transportation analyst” in different media in that country.

“At the current rate, the US deficit for this fiscal year will exceed $3 trillion, nearly double the $1.6 trillion deficit Congress estimated“he warns.

US debt: the alarm

However, the alarm is set that, in the last 100 daysthe total debt of the United States has increased by no less than 1 trillion dollars, an average of 10 billion dollars per day.

Currently, the total debt of the United States amounts to a record $34.5 trillion, an increase of $11.2 trillion from 2020.

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Needless to say, this is unsustainable.“analysts warn. The federal budget is a disaster, and spending is growing completely out of control.

President Joe Biden’s new budget increases spending by an average of 1% of GDP above expected levels. Even with his brutal tax increases, there would be permanent deficits of $1.5 trillion.

To put it another way, Even if Biden got literally everything he wants, the country would still be on the fast track to bankruptcy, the analyst maintains.

Source: Ambito

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