U.S. national debt is closing in on $31 trillion after Congress spent at an amazing clip and borrowed before the pandemic. Stocks suffered the worst day in two years as inflation rises.
The U.S. government's debt continues its uphill climb and will While several countries worldwide accelerated their spending in response to COVID-19, spending by Congress was already increasing at a speedy clip long before the pandemic sparked a borrowing surge that exacerbated the rate.
Japan has the highest public debt to GDP ratio of 288.31% and is second in line to the U.S. in borrowing total with a national debt of $15.231 trillion. Those figures were both higher than the 8.1% headline figure and 0.1% monthly decline forecast by Refinitiv economists, a worrisome sign for the Federal Reserve as it seeks to cool price gains and tame consumer demand with an aggressive interest rate hike campaign. Stocks sank on the surprisingly hot report, with the Dow Jones Industrial Average shedding more than 1,000 points on Tuesday afternoon.
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