The US President Donald trump
© AP Photo/Evan Vucci
WASHINGTON, February 8. /TASS./ The public debt of the United States increased by $544 billion during the presidency of Donald trump – since the end of January 2017. This was announced on Thursday, the CBS.
The life of a loan: what is the US national debt and why it is growing
He analyzed the agreement reached earlier between Republicans and Democrats in the U.S. Congress agreement on the budget of the Federal government for a two-year period . It is, in particular, provides for the resumption of borrowing with the expectation to March 2019. Thus, according to the channel, it is not directly about raising the debt ceiling to a certain level. The bill does not increase the debt ceiling, it suspends it until 1 March 2019, that effectively gives carte Blanche to a scarce budget financing, said the CBS.
From 11 December 2017, the debt limit frozen at $20,456 trillion. However, continues a channel, the national debt currently is $20,494 trillion. CBS says that the debt limit does not apply to certain types of debts. The white house supports the agreement of legislators, which prevents the default.
Achievements and failures of the first year of the presidency of the trump
During the election campaign of 2016, trump said he will solve the problem of huge national debt of the country for two presidential terms, or “for eight years.” He expressed confidence that after its reform and the revision of the trade treaties will come economic growth, which will allow the United States to pay the debt in cash.
The current debt problems of the United States – a legacy of the acute financial crisis of 2007-2008. Since then the country several times had to raise the debt ceiling, and every time for this reason ignite political battles between Democrats and Republicans. During the eight years of the presidency of Barack Obama the U.S. national debt has grown by more than $9 trillion and almost reached us $20 trillion. American economists expect that by 2026 this figure could rise to $30 trillion, while the total size of the country’s GDP is currently estimated at $19.5 trillion.