The Blubber

The U.S. government's debt will rise by $5.2 billion, every single day for the next decade.

Drawing upon data sourced from the Congressional Budget Office, an autonomous federal agency, Harnett dissected the projection that government debt will ascend from its present $32.5 trillion mark to $50 trillion by 2033. Harnett further elucidated that this translates to an increment of $5.2 billion in U.S. government debt each day throughout the forthcoming decade.

To put this into perspective, it is tantamount to distributing $15 to every individual American citizen every morning.

According to the report issued by the CBO, the debt is anticipated to surge from its current level, which is 98% of the U.S. gross domestic product, to a staggering 181% by the year 2053. This projected ratio would rival those witnessed only during the Second World War and the COVID-19 pandemic.

Fitch's recent downgrade constitutes the second instance when the United States has encountered a decline in its creditworthiness. The previous occurrence took place in 2011.

This downgrade follows closely on the heels of the government reaching its borrowing limit of $31.4 trillion in January. A last-minute maneuver was executed to avert a crisis by raising the debt ceiling. The government is expected to engage in an additional borrowing of $1 trillion in the third quarter of 2023 alone. As per the prevailing regulations, this financial deficit exhibits no indications of diminishing over the extended period.