Quick Take
After the U.S. government’s decision to suspend the debt limit till 2025, the national debt has swelled to a staggering $32.6 trillion from nearly $32 trillion in June. With the Treasury’s new plan to borrow an additional $1.89 trillion in the latter half of 2023, the total borrowing since the debt ceiling hike could reach $2.5 trillion by year-end, according to Bitcoin Layer analyst Joe Consorti.
US Debt: (Source: usdebtclock.org)
The U.S. government has been treading a precarious financial path since the suspension of the debt limit in June this year. The national debt has surged from nearing $32 trillion to an enormous $32.6 trillion in just over a month. According to Consorti, the Treasury plans to borrow an extra $1.89 trillion in the second half of 2023, further amplifying the debt profile.
As the U.S. government relies heavily on short-term funding, it faces the unenviable task of servicing significant debt and interest in the coming years. The government’s fina
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