- The US national debt has surpassed the country's economy, reaching $31.27 trillion as of 31 March, with debt as a percentage of GDP now at 100.2 per cent.
- This debt level is approaching the historic 106 per cent recorded in 1946 following the Second World War.
- The Congressional Budget Office forecasts the debt will surpass the post-war record by 2030 and could reach 120 per cent of GDP within a decade, potentially hindering economic growth.
- The US government spends $1.33 for every dollar collected, facing a projected budget deficit of $1.9 trillion this year.
- Experts warn that the escalating debt, attributed to a 'bipartisan abdication of making hard choices,' risks eroding prosperity, increasing inflation, and potentially triggering a fiscal crisis.
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