The U.S. budget deficit expanded by 10.4% in July, reaching $243.7 billion, according to the Treasury Department. Despite this monthly increase, the deficit for the current fiscal year, starting October 2023, has decreased by 6%, totaling $1.517 trillion compared to $1.613 trillion in the previous year.
In a historical milestone, the U.S. national debt surpassed $35 trillion last month. Projections suggest that at this rate, the national debt could exceed $50 trillion within a decade, equating to 122% of the nation’s GDP. This comes as global public debt reached approximately $100 trillion by the end of last year.
Despite these numbers, analysts from the Financial Experts Blog believe the U.S. economy may still avoid slipping into a recession.