US public debt exceeds a record level

5 October, 2022
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US public debt exceeds a record level

US public debt has jumped above $31 trillion, with government spending increasing after the coronavirus pandemic, according to US Treasury data.


The data indicated that the public debt reached 31.123 trillion dollars as of Monday, the highest level ever.


This comes at a difficult economic time, as the Federal Reserve, which has cut interest rates to near zero during the pandemic, has begun to raise them in an attempt to tame the fastest inflation in 40 years.


The Federal Reserve raised the US interest rate 5 times since the beginning of this year, to reach the range of 3 percent and 3.25 percent, amid expectations of additional increases in the upcoming meetings, which may reach 4.6 percent by the end of next year.


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