U.S. Debt Reaches “Unsustainable” 24 Trillion Dollars
By Stefan J. Bos, Special Correspondent Worthy News
(Worthy News) – The federal government debt of the United States has reached a record $24 trillion despite warnings by the nation’s leading watchdog that it is unsustainable for the world’s largest economy.
The United States Government Accountability Office (GAO) said: “Action is needed to address the federal government’s fiscal future.” In a document seen by Worthy News, the GOA added that “a broad plan is needed to put the federal government on a sustainable long-term fiscal path.”
It was crucial, it wrote, to “ensure that the United States remains in a strong economic position to meet its security and social needs, as well as to preserve flexibility to address unforeseen events.”
The federal debt’s climb from the $23-trillion threshold to the $24-trillion limit was the fastest from one trillion-dollar marker to another in history. The massive national debt—taking took only 159 days, official records showed.
It comes amid broader concerns among economists of a global recession linked to the worldwide coronavirus pandemic. With much of the world’s population in lockdown or otherwise restricted, economic activities have stalled.
More trillions are due to be added to the U.S. debt as U.S. President Donald Trump and Congress work on plans to revive the economy and ease the social impact of the nation’s biggest health crisis in recent memory.
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