The United States allocated $460.26 billion, or 12.75% of all federal budget spending, to public debt service from October 2022 to April 2023 (the first seven months of fiscal year 2023, October 1 to September 30). spent. In this respect Wrote The newspaper Vedomosti cites data from the US Treasury.
As the publication writes, spending on these needs accounts for about 1.7% of US GDP ($25.46 trillion).
The share of spending on public debt interest payments on the spending side of the budget has been increasing since the onset of the coronavirus pandemic. At the end of fiscal 2020, the amount accounted for $522.77 billion, or 7.99% of all budget expenditures. Spending rose to $562.39 billion (8.24%) in 2021 and $718.75 billion (11.46%) in 2022.
In the early hours of May 24, The Washington Post listed Nine key events that increased the U.S. national debt to $31 trillion. As stated in the publication, a large part of this public debt has occurred in the last 20 years.
On the same day, Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), statedThat the US authorities can avoid defaulting in the country.