#USNationalDebt
The US national debt is approximately $36.56 trillion, with $29 trillion held by the public and $7.4 trillion in intragovernmental debt. This debt has been increasing over time due to government spending and borrowing. Here's a breakdown¹:
- *Debt Held by the Public*: $29 trillion, roughly 77% of GDP in 2017
- *Intragovernmental Debt*: $7.4 trillion, representing cumulative surpluses of various government programs invested in Treasury securities
- *Annualized Cost of Servicing Debt*: $726 billion in July 2023, accounting for 14% of total federal spending
The national debt has grown significantly in recent years, particularly during the COVID-19 pandemic. The Congressional Budget Office (CBO) projects that federal debt held by the public will rise to 116% of GDP by 2034 and continue growing if current laws remain unchanged.
*Key Factors Contributing to National Debt:*
- *Government Spending*: Increased spending on programs like Medicare, Medicaid, and Social Security
- *Tax Cuts*: Reduced tax revenues due to tax cuts, such as the Tax Cuts and Jobs Act of 2017
- *Economic Downturns*: Increased borrowing during recessions and crises, like the 2008 financial crisis and COVID-19 pandemic
The US national debt has been a topic of concern due to its potential impact on the economy and
future generations.
And these definitely effects the crypto market
