U.S. Debt Surpasses GDP for First Time Since WWII as Rating Agencies Warn of Fiscal Deterioration
The U.S. public debt has exceeded its annual GDP for the first time since World War II, reaching $31.27 trillion compared to a GDP of $31.22 trillion according to data from the Bureau of Economic Analysis and analysis by the Committee for a Responsible Federal Budget (CRFB). Rating agency Fitch Ratings warned that this growing debt burden could lead to further downgrades in the U.S.'s credit rating, which is currently at AA+, impacting borrowing costs and government spending.
Topics: credit rating fiscal governance GDP U.S. debt