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The US national debt rose by $69,417,431,854 in one day, reaching a record high of $34,750,498,829,987
The US national debt just rose to a new all-time high of $34.75 trillion.
The new milestone comes as the country's outstanding debt jumped $69.41 billion in a single day, according to new data from the U.S. Treasury's debt database in the Penny Database.
The nation's total outstanding national debt is projected to reach $50.7 trillion by the end of 2034, according to a new report from the Congressional Budget Office (CBO).
“As a percentage of GDP, debt is projected to reach 109% in 2028, higher than at any time in the country's history.
Debt will continue to rise over the remainder of the forecast period, reaching 122% of GDP at the end of 2034, about 25 percentage points higher than at the end of 2023 and two and a half times the average percentage over the past 50 years. "
The new forecasts are significantly higher than just four months ago, when the agency said it expected debt to reach $48.3 trillion by 2034, equivalent to 116% of GDP.
The CBO projects that inflation rates will slow for the rest of this year and next.
“The inflation rate jumped in the first quarter of 2024 after falling since the end of 2022. The CBO projects inflation will slow through the remainder of 2024 and into 2025, reaching the Federal Reserve's target of 2 percent by 2026 and stabilizing thereafter.
In response to this slowdown in inflation, the Federal Reserve is expected to begin lowering the federal funds rate in early 2025.”
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