US debt exceeds 100% of GDP – for first time since Second World War

• The US national debt has surpassed the country's economy, reaching $31.27 trillion as of 31 March, with debt as a percentage of GDP now at 100.2 per cent.
• This debt level is approaching the historic 106 per cent recorded in 1946 following the Second World War.
• The Congressional Budget Office forecasts the debt will surpass the post-war record by 2030 and could reach 120 per cent of GDP within a decade, potentially hindering economic growth.
• The US government spends $1.33 for every dollar collected, facing a projected budget deficit of $1.9 trillion this year.
• Experts warn that the escalating debt, attributed to a 'bipartisan abdication of making hard choices,' risks eroding prosperity, increasing inflation, and potentially triggering a fiscal crisis.

IN FULL

US national debt is now bigger than the economy for first time since Second World War