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US reached a new debt limit

The United States has reached the statutory debt ceiling. The US Treasury has the possibility to gain time until the autumn. That Congress is expected shortly may adopt a new law that will raise the bar of public debt.

US reached a new debt ceiling, according to March 15 Agency dpa. The law determines the maximum size of the state debt in 18,1 trillion dollars, it was suspended in November 2015 years under President Barack Obama. However, the moratorium will expire on Thursday, March 16. Thus, the current national debt in the amount of 19,86 trillion dollars will be the new limit.

However, this does not mean that the US will not be able to meet its financial obligations, including the payment of pensions, salaries of civil servants and insurance, said the agency dpa. The US Treasury Stephen Mnuchina have a number of opportunities to gain time and to ensure the work of federal agencies.

The Ministry of Finance plans to temporarily cease production of certain types of government bonds. This Mnuchin said in a letter to Congress last week. According to the Congressional Budget Office, this will allow the federal government to hold on until the autumn. In addition, significant revenue taxes are expected in April, which will further strengthen its position.

According to dpa, it is expected that the Republican majority in Congress will soon pass a new law, raising the debt limit. It previously said the Republican leader in the Senate, Mitch McConnell. It is noteworthy that before his election as president of the Donald Trump sharply criticized the Obama administration, which has repeatedly raised the upper limit of the national debt.

A source: DW

Author: Sergey Hushcha

Tags: US Economy, Debt