The United States steps into the new fiscal year without a budget approved by Congress. According to Government Accountability Office, the national debt has grown to record high $16, 7 trillion or 73% of GDP (it exceeded this level only in the days of WWII). The figure is much higher according to informal sources (independent researchers like, for instance, James Douglas «Jim» Hamilton, an American econometrician currently teaching at University of California, San Diego). If the debt ceiling is not raised urgently, then the US may step into a new financial crisis, as President Obama warned. US Treasury Secretary Jacob Lew told the congressmen in a letter the country may go bankrupt on October 17, the default may take place by the end of October – the middle of November when the money flows get exhausted as Douglas W. Elmendorf, the Director of the Congressional Budget Office, points out.
Tag: debt
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vi·cious [vish-uhs] adjective. 1. addicted to or characterized by vice; grossly immoral; depraved; profligate. 2. given or readily disposed to evil. 3. reprehensible; blameworthy; wrong: a vicious deception. 4. spiteful; malicious: a vicious attack. 1% “leaders” in government, economics, and…
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