Photo taken on Sept. 30, 2021 shows the U.S. Capitol building in Washington, D.C., the United States. (Xinhua/Liu Jie)
The country has been living on credit for centuries, but the debt is becoming an increasing burden, especially because of the rise in interest rates.
NEW YORK, Feb. 17 (Xinhua) -- Feuding politicians in Washington have got grim news from Congress' nonpartisan budget analysts: the national debt of the United States is bad -- it's getting worse fast, and it will cause an economic disaster if lawmakers don't act soon, reported U.S. News and World Report earlier this week.
Not only will the 31.4 trillion U.S. dollars debt go up dramatically -- by nearly 19 trillion dollars over the next decade -- if things continue on their current course, but if Congress doesn't increase the debt ceiling, the government will be unable to pay its bills sometime between July and September this year, the Congressional Budget Office (CBO) said in a report.
The debt ceiling is the amount the U.S. government is allowed to borrow and is used to pay bills already incurred. The Treasury Department has already instituted "extraordinary measures" to ensure bills are being paid now, but in the next few months, those measures won't be enough anymore, the CBO said.
"As a result, the government would have to delay making payments for some activities, default on its debt obligations, or both," the CBO said.
The country has been living on credit for centuries, but the debt is becoming an increasing burden, especially because of the rise in interest rates, said U.S. News and World Report.
"High interest means the government has to spend more to service the national debt -- exacerbating the problem, since the government will then owe more money," it added. ■
