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A high level of debt in and of itself isn’t generally a drag on the finances of individual Americans, even though it allows the government less fiscal flexibility and costs the country money ...
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.
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.
The Government Accountability Office reported in February 2011 that managing debt when delays in raising the debt limit occur diverts Treasury's resources from other cash and debt management responsibilities and that Treasury's borrowing costs modestly increased during debt limit debates in 2002, 2003, 2010 and 2011.
The IMF expects US public debt to continue rising, helping drive government debt worldwide to close to 100% of global gross domestic product by 2029, from 93% last year.
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.
In February 2024, the total federal government debt grew to $34.4 trillion after having grown by approximately $1 trillion in both of two separate 100-day periods since the previous June. [12] As of March 6, 2025, the federal government debt is $36.56 trillion. [13] Debt to GDP
The government then has to issue more bonds, which because of supply and demand, become less valuable with each one issued. And the cycle continues forever. For people and for governments, debt is ...