IMF slams Biden spending as US debt balloons past $34 trillion: ‘Something will have to give’
The International Monetary Fund sounded the alarm on the Biden administration’s rampant spending as “out of line with what is needed for long-term fiscal stability.”
The latest forecast from the IMF — a Washington-based group tasked with fighting financial crises worldwide — warned that the ballooning national debt and the fiscal deficit threatened to exacerbate sky-high levels of inflation while posing a long-term risk to the global economy.
The IMF noted in its forecast that the US federal budget deficit grew from $1.4 trillion in fiscal 2022 to $1.7 trillion last year.
The debt held by the public, which surpassed $34 trillion, is on course to exceed $45.7 trillion within a decade — which is roughly 114% of the gross domestic product, according to projections by the Congressional Budget Office.
The International Monetary Fund sounded the alarm on the Biden administration’s rampant spending as “out of line with what is needed for long-term fiscal stability.”
The latest forecast from the IMF — a Washington-based group tasked with fighting financial crises worldwide — warned that the ballooning national debt and the fiscal deficit threatened to exacerbate sky-high levels of inflation while posing a long-term risk to the global economy.
The IMF noted in its forecast that the US federal budget deficit grew from $1.4 trillion in fiscal 2022 to $1.7 trillion last year.
The debt held by the public, which surpassed $34 trillion, is on course to exceed $45.7 trillion within a decade — which is roughly 114% of the gross domestic product, according to projections by the Congressional Budget Office.