US debt soars to $29 trillion

The US_ the world's largest economy_ owes India $216 billion in loan as the country's debt grows to a record $29 trillion_ an American lawmaker has said_ cautioning the leadership against galloping foreign debt_ the largest of which comes from China and Japan.

In 2020_ the US national debt was $23.4 trillion_ that was $72_309 in debt per person.

Congressman Alex Mooney said_ "We are going to grow our debt to $29 trillion. That is even more debt owed per citizen. There is a lot of misinformation about where the debt is going. The top two countries we owe the debt to are China and Japan_ not actually our friends."

We are at global competition with China all the time. They are holding a lot of the debt. We owe China over $1 trillion and we owe Japan over $1 trillion_ the Republican Senator from West Virginia said on the floor of the US House of Representatives as he and others opposed the latest stimulus package of $2 trillion.

In January_ US President Joe Biden announced a $1.9 trillion coronavirus relief package to tackle the economic fallout from the pandemic_ including direct financial aid to average Americans_ support to businesses and to provide a boost to the national vaccination programme.

"The people who are loaning us the money we have to pay back are not necessarily people who have our best interest at heart. Brazil_ we owe $258 billion. India_ we owe $216 billion. And the list goes on the debt that is owed to foreign countries_" Mooney said.

America's national debt was $5.6 trillion in 2000. During the Obama administration_ it actually doubled.

Congressmen Mooney said_ "Things have gone completely out of control. The Congressional Budget Office estimates an additional $104 trillion will be added by 2050. The Congressional Budget Office forecasted debt would rise 200 per cent."

"Today_ as I stand here right now_ we have $27.9 trillion in national debt...That is actually a little more than $84_000 of debt to every American citizen right here today_" He added.

"We have actually borrowed $10_000 per person in one year. I mean_ that is out of control_" he concluded.