"The United States government now owes more than the country produces, with debt held by the public standing at $31.27 trillion and nominal GDP at $31.22 trillion, pushing the ratio to 100.2 percent."
"Maya MacGuineas noted that the 1946 debt was borne from a seismic global conflict, while today's debt results from a total bipartisan abdication of making hard choices."
"The federal government will spend approximately $1 trillion on net interest in fiscal 2026, a figure that now exceeds the entire defense budget."
US public debt reached 100.2% of GDP at the end of March, totaling $31.27 trillion against a nominal GDP of $31.22 trillion. This marks the first time since WWII that debt exceeds GDP. The annual interest bill is projected to hit $1 trillion by fiscal 2026, surpassing defense spending. Big Tech plans to invest $660 to $690 billion in AI infrastructure by 2026, raising concerns about the ability of capital markets to support both government deficits and tech investments.
Read at TNW | Next-Featured
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