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US Debt to Continue Soaring After Hitting $20tn Mark – Expert

from Russia Today

The US national debt will continue mounting unless the White House implements structural reforms on spending, warns former European Union consultant Paolo von Schirach in an interview with the Sputnik news agency.

“At the moment, there is absolutely no sign that either the Trump administration or the Congress want to seriously overhaul the entitlement programs that are the root cause of this systemic fiscal imbalance,” Schirach, president of the Global Policy Institute and professor of international affairs and economics at BAU International University in Washington, DC, told Sputnik on Tuesday.

The US debt officially broke the $20 trillion mark after President Donald Trump signed a law to suspend the debt ceiling until December 8, allowing the US Treasury to borrow money until then.

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