UK Business

US faces $31.4 trillion national debt crisis – and Republican divisions could make it harder to solve than ever

Written by Thomas Gift, Associate Professor and Director of the Centre on US Politics, UCL

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US federal debt currently stands at a staggering US$31.4 trillion (£25.2 trillion), the highest it’s ever been. That matters because it’s approaching the maximum limit that the government is legally allowed to borrow.

This is why Republican House speaker Kevin McCarthy recently delivered a speech at the New York Stock...

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