The national debt of the United States has exceeded the size of its economy for the first time since the Second World War, standing at $31.27 trillion at the end of March.
Gross domestic product (GDP) was estimated at $31.22 trillion over the annual period, Caliber.Az reports, citing Fox Business.
The Bureau of Economic Analysis said the United States is rapidly approaching a post-war record debt-to-GDP ratio of 106% recorded in 1946.
Projections from the Congressional Budget Office suggest the ratio could reach 108% by 2030 and exceed 120% within a decade.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, warned that the current rise in borrowing is not driven by war but by policymakers’ reluctance to make “hard choices.”
She said the growing debt is placing a heavy burden on the budget, pushing up interest rates, increasing inflation, and making the country more vulnerable to geopolitical rivals.
“Without corrective action, rising debt could spark a devastating fiscal crisis,” she stressed, calling for a reduction of the deficit by roughly $10 trillion and an end to new spending and tax cuts.
By Bakhtiyar Abbasov
