According to The Washington Times, the federal debt of the United States surpassed $19 trillion. This level was already hit at the end of January. At present, the country’s debt equals 103% of GDP.
The public debt, held by companies and individuals, makes up $13.7 trillion. Besides, the government owes $5.3 trillion to the Federal Reserve.
During the presidency of Barack Obama, the US debt almost doubled increasing by $8 trillion in seven years. Almost the similar dynamic was logged when George W. Bush was in power.
On November 2nd, 2015, Congress voted to suspend the debt ceiling until March 2017. Thus, at the moment, the federal government can borrow without a debt limit. Economists estimate that by 2017, the US federal debt will reach $20 trillion.
