America on its way to $30 trillion debt by 2028 as military expenditure soars

Latest news

    The mounting US debt is likely to grow by another $10 trillion in the next decade, according to estimates contained in the recent budget proposal.

    Read more

    America's $20 trillion debt 'should keep people awake at night'

    According to the White House Office of Management and Budget, the national debt will hit $29.9 trillion by 2028. The deficit will be equal to 101 percent of America’s GDP, the Watchdog Committee for a Responsible Federal Budget forecasts. The country’s current debt stands at a record $20.6 trillion – its highest level since shortly after World War II.

    If current laws stand, widening budget deficits will increase that debt sharply over the next 30 years, with the deficit reaching 150 percent of GDP in 2047, the Congressional Budget Office (CBO) predicted last year.

    Under the new budget, President Donald Trump is requesting a record $686 billion for the Pentagon – a 13-percent increase compared to the 2017 budget.

    “We’re going to have the strongest military we’ve ever had, by far,” said Trump, adding that “we took care of the military like it’s never been taken care of before” in the current budget.

    The American debt has been soaring independent of party politics. Under the previous administration of Democrat President Barack Obama, the US deficit nearly doubled, rising by about $9 trillion to just under $20 trillion, according to the website USdebtclock.org.

    Last week, Moody’s warned that it could downgrade US ratings over “meaningful fiscal deterioration.” S&P downgraded the US back in August 2011.

    “The recently agreed tax reform will exacerbate and bring forward those pressures,” Moody’s analysts wrote.

    In January, one of the largest ratings firms in China, Dagong Global Credit Rating, cut the US sovereign rating from A- to BBB+, putting the American economy on par with Peru, Colombia and Turkmenistan.

    View the original article: https://www.rt.com/business/418655-us-debt-mounting-30-billion/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

    For more stories on economy & finance visit RT’s business section

    In the same category are

    VIDEO shows Putin dancing with Austrian FM, delivering toast in German at her wedding Vladimir Putin was filmed showing off his language skills and dancing at the Austrian FM’s wedding. The happy couple and their guests also enjoyed a p...
    ‘Virtue signaling’ or ‘on brand’? New Zealand Green MP cycles to hospital to give birth A New Zealand Greens minister showed remarkable commitment to her party’s environmentalist ethos by getting on her bike and cycling to hospital to giv...
    South African winemaker warns land seizures could be ‘disastrous’ for industry & economy Land expropriation in South Africa is touching almost all spheres of business in the country, and wine making is no exception. RT has talked to a Sout...
    Iran deal, Syrian crisis & Nord Stream 2: Putin, Merkel find common ground on tough intl issues The Iran nuclear deal, which was recently ditched by the US, humanitarian efforts in war-ravaged Syria, and the Nord Stream 2 pipeline project… Putin ...
    Tyson Fury confirms Deontay Wilder bout after second comeback win The lineal heavyweight champion of the world, Tyson Fury, set up a November date with undefeated WBC champion Deontay Wilder after Fury turned in a me...
    Putin & Merkel meet in Berlin to discuss Nord Stream 2 pipeline (VIDEO) Russian President Vladimir Putin and German Chancellor Angela Merkel have met in Berlin to discuss the Nord Stream 2 pipeline project, which Trump has...

    Leave a comment

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.