It took only 3 months to reach new highs. Back in June 2023, Joe Biden suspended the national debt limit until January 2, 2025. The U.S. national debt is the debt owed by the government to various creditors. This money has been used for more than 20 years to cover the national budget deficit. Government Debt in the U.S. averaged USD 5 515 379 Million from 1942 until 2023, reaching an all-time high of USD 34 001 494 Million in December 2023 and a record low of USD 60 000 Million in January 1942.

In 2024, the U.S. debt payment will amount to a record $8.2 trillion. In addition, analysts at Penn Wharton Business School believe that the U.S. national debt will become exorbitant and lead to default in about 20 years, if nothing is done about it.

The U.S. Debt Index chart is a chart showing changes in total U.S. government debt. This index allows tracking the dynamics of U.S. debt and its changes over time. The U.S. Debt Yield Curve remains inverted, flashing high likelihood of an impending recession.

Interestingly, S&P Global Market Intelligence predicts that the U.S. dollar will depreciate in 2024. The depreciation will be reinforced by a relative slowing of both U.S. real economic growth and inflation as well as the overhang of a current-account deficit which, as a share of U.S. GDP, was quoted as “unsustainably high”.