As the federal debt nears $32 trillion, leaders in D.C. are discussing sticking points in negotiations to raise the nation’s debt ceiling.
U.S. Treasury Secretary Janet Yellen has said action must be taken by June 1 to avoid default. JPMorgan Chase CEO Jamie Dimon has warned that panic will overtake markets as a default becomes more likely.
This infographic shows the growth in federal debt since the Great Recession. (It was $10.6 trillion just 15 years ago.) The non-partisan Committee for a Responsible Federal Budget has published this graph showing more than $14 trillion in COVID-related spending, loans, grants, subsidies, and tax cuts since 2020. 5/9/2023