The US fiscal outlook is more dangerous and discouraging than ever

Threatening the economy and the next generation of the country, Michael Peterson, executive director of the Peter G. Peterson Foundation, told 'Fox Business'. "This is not the future that any of us want and it is no way to govern a great nation like ours," he added.

Citing figures from the Treasury Department, Fox Business reported that the US national debt - which measures what the country owes to its creditors - reached $35 trillion on Wednesday afternoon, August 21. This is an increase of $907 billion from the previous day. "By comparison, just four decades ago, the national debt was around $907 billion," Fox Business observed.

In that context, economists say the outlook for the federal debt level is bleak and warned about the dizzying pace of public spending by Congress and the Executive.

In September 2022 alone, the media recalls, Biden approved nearly $4.8 trillion in loans, including $1.85 billion for the American Rescue Plan and $370 billion for the bipartisan infrastructure bill.

Added to this are the effects of rising interest rates over the past year and a half, which have made the cost of servicing the national debt more expensive. #EstadosUnidos #economía