After crossing the $33 trillion mark on September 15, total outstanding US debt now stands at $33.62 trillion – an increase of about $17.71 billion/day.
In a new interview with Bloomberg TV, Rockefeller Capital CEO Greg Fleming says he’s concerned about the rising debt burden and the impact that America’s interest payments will have on growth, dailyhodl.com reported.
“On the current trajectory, interest payments on the federal budget will exceed military expenditures by 2027. So higher for longer has a big impact on the fiscal side of the equation, which is relevant to all investors because the US debt situation is definitely a concern…
"If we have a recession, you could see a double-digit deficit as a percentage of the federal budget. So with that kind of fiscal spending already embedded in the economy, will there be enough growth for investors in the US market? It’s a real concern that the fiscal side of the equation could be a headwind for investors going forward."
New data from the Congressional Budget Office (CBO) shows the US government’s spending exceeded its revenues by $1.7 trillion in the now concluded 2023 fiscal year.