U.S. Needs More Debt to Sustain Growth

(07 October 2021) At the end of June of 2021, the U.S. government hit the public debt ceiling of $28.4 trillion. According to U.S. Treasury Secretary Janet Yellen's estimates, under the existing debt limit the U.S. government will have to stop paying on its obligations such as social security programs, salaries and interest payments on treasury securities on October 18.

  • Prolonged debates and lack of consensus in the U.S. Congress on the debt limit led to a stock market decline through September, on the expectation that government spending cuts to sustain the debt level amid high inflation will inevitably lead to an economic downturn.
  • This week, Democrats and Republicans agreed to extend the public debt ceiling until December 3 and allow the US government to borrow an additional $480 billion.

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