A seemingly endless wave of debt is piling up on the US balance sheet.
new Data US Treasury Department data showed that the federal debt rose by more than $296.524 billion from August 8 to September 8, reaching a total of $32.940 trillion.
The new figures come as JPMorgan Chase CEO Jamie Dimon issued a warning about America’s financial trajectory.
At a conference hosted by Barclays Demon Tell Correspondents said that the rapid rate of spending in America is bound to have a significant impact on families.
“I think people make a mistake by looking at real-time numbers and not looking at the future. And the future has a quantitative emphasis.
We’ve been spending money like drunken sailors all over the world, and this war in Ukraine is still going on. These are really big but. To say that the consumer is strong today, which means you should have a thriving environment for years, is a huge mistake.
Meanwhile, Congress is facing pressure to pass a new budget before the US government runs out of funding on September 30.
If an agreement is not reached on time, about three out of five federal civilian employees are expected to be furloughed as parts of the government shut down.
Goldman Sachs He says The shutdown will likely reduce US economic growth by 0.2% per week until an agreement is reached.
“Over the years, there have been many more near misses and false alarms than actual shutdowns.
However, the ingredients for a shutdown – a narrow majority in the House of Representatives, conflict over spending levels, and potential complications from various political issues – are present.
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