How Much Is the US Debt Burden...

The United States’ debt has reached a record high of $40.7 trillion, equivalent to around ₹3,896 lakh crore, as of August 19. The debt stood at about $39 trillion in March, meaning the US added nearly $1.7 trillion in just five months. US Treasury sources attributed the rise to increased defence spending, welfare payments and interest costs on existing debt. The spending increase has also been linked to the war involving Iran.

The White House said that although US debt is rising, it remains within the debt to GDP ratio framework. Officials said the Trump administration is taking measures to reduce waste, misuse and fraud in government spending. However, economists have warned that rising debt could push up interest rates and increase pressure on households and businesses. IMF data also indicates that developed economies account for a major share of global debt.