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25 juillet 2023 - 17:33
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Why the US is always hitting a "debt ceiling"
Is the huge US national debt a problem?
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Nearly every year, America seems to teeter on the edge of a crisis as the national debt comes dangerously close to hitting the “debt ceiling” and the President and Congress fight over raising it. The “debt ceiling” is really just a limit on how much debt the country can take on. While the US isn’t the only country to have one, it is the only country to have legislation that regularly puts it on the brink of economic disaster.
The current US debt is nearing $29 trillion. That's a trillion with a T. Is that… too much? And who does it affect?
Want to know what the US national debt is as of right now? Here’s where the Treasury has it updated: https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny
The Treasury also updates the foreign investor totals every month: https://ticdata.treasury.gov/Publish/mfh.txt
You can read more about the US debt ceiling and how to fix it from Vox’s Dylan Matthew: https://www.vox.com/policy-and-politics/22684328/us-debt-ceiling-government-shutdown-biden-democrats
And more about when the US was downgraded in 2011: https://www.washingtonpost.com/business/economy/sandp-considering-first-downgrade-of-us-credit-rating/2011/08/05/gIQAqKeIxI_story.html
If you want to see what your country’s debt is, the OECD keeps this data updated regularly: https://data.oecd.org/gga/general-government-debt.htm
Vox.com is a news website that helps you cut through the noise and understand what's really driving the events in the headlines. Check out http://www.vox.com.
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