The Independent: The accumulation of sovereign debt puts the United States in the face of serious crises

After the sovereign debt in the United States reached an unprecedentedly huge level, exceeding 31.46 trillion dollars this year, Washington finds itself facing several crises, according to the British Independent newspaper, which suggested that the American economy would face 13 risks due to the huge debt.

The newspaper pointed out that the volume of US sovereign debt increased by 95.7 percent in the last 10 years, with an average annual increase of about 9.57 percent, as the volume of US debt jumped from the level of $16.07 trillion at the beginning of 2013 to about $31.46 trillion at the present time, with an average annual increase of about $1.539 trillion.

The newspaper pointed out that the US Treasury, after the sovereign debt reached this huge level, resorted to applying exceptional measures that would enable it to avoid default and finance the budget until June 2023, but the existing differences between Republicans and Democrats and the brinkmanship policy increase fears that the US economy will be affected whether Congress decides to raise or suspend the US debt limit.

The Independent highlighted the sharp differences in Congress between Democrats and Republicans who insist on the principle of increasing debt on the condition of reducing expenditures to contain the federal budget deficit, while US President Joe Biden and the Democratic Party insist on the need to raise the debt limit without conditions, warning Republicans of the brinkmanship policy about raising the Debt limit.

Inas Abdulkareem