The International Monetary Fund warned the United States that government spending and increasing national debt are not sustainable and could hurt the global economy.
The Washington, D.C.-based group that represents 190 member countries also called the U.S. economy “overheated.” The debt warning follows several other high-profile calls to address growing U.S. debt.
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One of the top international credit rating agencies has downgraded the United States government’s credit rating from the highest level of AAA down one tier to AA+, a serious economic signpost as U.S. debt continues to soar and deficits remain elevated.
Fitch Ratings made the decision, pointing to the U.S. government’s high national debt and deficits as well as an “erosion of governance.”
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Federal debt will nearly double the nation’s Gross Domestic Product by 2052 if it continues on its current trajectory, the U.S. Congressional Budget Office says in its economic and debt forecast released Wednesday.
U.S federal debt surpassed $30 trillion in February, and the most recent GDP data showed a decline of 1.6% in the first quarter of 2022. GDP second quarter data is set to be released Thursday.
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