At the end of December 2023, U.S. government debt topped $34 trillion and it will add another $1 trillion dollars to that total by the end of March 2024. The national debt includes all previous years of deficit spending funded by borrowing. While the amount is staggering and will continue to grow, the nation cannot quit borrowing given the current funding mandates.
Tag: deficit
Janet Yellen Warns Shutdown Would Be “Dangerous and Unnecessary” (Macro News for September 30, 2023 – October 6, 2023)
Janet Yellen, Secretary of the U.S. Department of the Treasury, plans to issue a stern warning to Congress about the negative impact of a government shutdown. Yellen stated a shutdown would "undermine the American economy" and disrupt government operations. Without immediate action, it appears a government shutdown is becoming more probable.
Christine Lagarde Says She Has ‘Huge Confidence’ That the U.S. Won’t Default on Its Own Debt (Macro News for April 15, 2023 – April 21, 2023)
The former managing director of the International Monetary Fund (IMF) and the current president of the European Central Bank (ECB), Christine Lagarde, stated that she was confident the U.S. would not default on its debt. Lagarde also said it would be a major disaster that would have a "very, very negative impact" on the U.S. and the global economy if a default did occur.
Russia’s Budget Deficit Has Surged. But Economists Say Moscow Won’t Drain Its War Chest Any Time Soon (Macro News for February 18, 2023 – February 24, 2023)
Russia ran the equivalent of a $24.4 million budget deficit in January 2023. Government spending increased by 58% over the past year and government receipts fell by over 33%. Both retail sales and industrial production were down for the month of December but Russia has yet to report gross domestic product (GDP) growth for 2022.
Pearson Economic News 