In the United States, the national debt has reached $31.27 trillion, exceeding GDP. The debt-to-GDP ratio has risen to 100.2%.
According to the latest data released on the U.S. economy, the national debt has surpassed gross domestic product (GDP).
Based on figures from the Bureau of Economic Analysis, as of March 31, publicly held debt stood at $31.27 trillion, while nominal GDP over the past 12 months was calculated at $31.22 trillion. With this, the debt-to-GDP ratio has reached 100.2%.
Maya MacGuineas, President of the Committee for a Responsible Federal Budget (CRFB), described the development as a “serious alarm,” noting that the national debt is now larger than the economy and is roughly double its historical average. MacGuineas warned that if the current trend continues, the post–World War II record level of 106% could also be surpassed.
Addressing the causes of the rising debt, MacGuineas argued that the situation is not the result of an extraordinary crisis, but rather stems from policymakers delaying difficult fiscal decisions.
International credit rating agency Fitch Ratings also warned about the U.S. fiscal outlook, stating that rising debt and widening budget deficits pose key risks to the country’s credit rating. The agency noted that structural deficits will continue to push the U.S. debt burden above that of similarly rated countries.
It is also reported that the total gross debt of the United States, including intra-governmental obligations, is around $39 trillion.