Mar 26, 2024

Phillip Swagel, director of the Congressional Budget Office, warns that the U.S. faces a similar risk faced by the U.K. in 2022 if the government continues to ignore mounting debt concerns.

Video transcript

The chart of the day is presented by, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. Soaring us debt could mean potential for market chaos. That's what the director of the congressional budget office, Phillip Swagel told the financial times in 2022 former UK Prime Minister Liz Truss announced radical economic measures including deep tax cuts and billions of pounds of spending even as government did called for fiscal prudence. The result was market chaos and now Swagel says the US faces a similar risk if the government continues to ignore debt concerns us. Federal debt totaled $26.2 trillion at the end of 2023 that's about 97% of gross domestic product. According to CBO, a nonpartisan, an independent agency, the debt to GDP ratio is expected to rise past the Second World War high of 100 and 16% by 2029 and reach as high as 100 and 66% by 2054. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.

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