by Madeleine Hubbard
The U.S. government’s debt is projected to pass $50 trillion in a decade, growing $5.2 billion every day, according to an analysis from the Bank of America.
The U.S. public debt currently is more than $33.6 trillion and is expected to reach $54 trillion by 2033 amid “fiscal excess in the 2020s,” Bank of America investment strategist Michael Hartnett said, according to Business Insider.
The surge in the U.S. public debt coincided with a significantly larger federal deficit, which increased in 2023 by $320 billion to $1.7 trillion. In response, the Treasury Department auctioned trillions of dollars in new bonds as interest rates are increasing.
While the U.S. government continues heavily borrowing and adding to the debt, investors are likely to be concerned about lingering inflation risks and bond defaults, according to Bank of America.
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Madeleine Hubbard joined Just the News as a fast file reporter after working as an editor at Breitbart News.
