The data of the Treasury Department indicated that factors such as tax cuts, stimulus programs, increased government spending, and decreased tax revenues have caused the mounting debt in the US government.
The national debt just surpassed $100,000 per citizen, Republican Congressman John James said last week, RT reported.
“This should send a message to the White House that this reckless federal spending is at a breaking point.”
The latest fiscal data showed that as of November 2023, it cost $169 billion for the US to maintain the debt, which equates to 16% of total federal spending.
According to Bank of America (BoA), public debt could surge by $20 trillion over the next decade.
It is likely to grow by $5.2 billion daily for the next ten years, which would put it at around $54 trillion by 2033, the bank warned last month.
The US exceeded its debt ceiling, which was legally set at $31.4 trillion, in January 2023. The situation has caused major international credit ratings agencies such as Fitch and Moody’s to cut their outlooks for the US this year, the report added.