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Because the government spends more money than it collects in tax revenue, lawmakers need to periodically tackle the issue -- a politically difficult task, as many are reluctant to vote for more debt.
Between 1950 and 1970, total debt (including government, household, corporate, and financial) was stable at about 150% of GDP. After Nixon did away with what was left of the gold standard in 1971 ...
Today, the national debt actually exceeds the GDP of the entire U.S. economy, hitting $33.84 trillion. In the past few years, the national debt has risen dramatically due to increased spending on ...
The 2011 S&P downgrade was the first time the US federal government was given a rating below AAA. S&P had announced a negative outlook on the AAA rating in April 2011. The downgrade to AA+ occurred four days after the 112th United States Congress voted to raise the debt ceiling of the federal government by means of the Budget Control Act of 2011 on August 2, 2011.
"Private debt is debt, but government debt is financial wealth to the private sector." [70] In this theory, sovereign government is not financially constrained in its ability to spend; the government can afford to buy anything that is for sale in currency that it issues; there may, however, be political constraints, like a debt ceiling law. The ...
America’s gross national debt hit an eye-watering $33 trillion for the first time in September — and in fact is currently closer to the $34 trillion mark.. In response, the U.S. is now ...
A country's gross government debt (also called public debt or sovereign debt [1]) is the financial liabilities of the government sector. [2]: 81 Changes in government debt over time reflect primarily borrowing due to past government deficits. [3] A deficit occurs when a government's expenditures exceed revenues.
At $33 trillion and counting — actually, it's presently above $33.75 trillion — America’s national debt is astonishingly high. But government deficits don’t exactly work like household ...