Dealing with the debt stock

According to the International Monetary Fund's (IMF's) projections, the general government debt in the US is likely to increase from 122.2 per cent of GDP in 2023 to 136.2 per cent by 2028

The US debt ceiling dialogue between President Joe Biden and House Speaker Kevin McCarthy remained inconclusive, and an agreement looked elusive at the time of writing of this column. Treasury Secretary Janet Yellen has warned that the US government will be unable to pay its bills from June 1. Although the debt ceiling is a self-imposed restriction on how much the US government can borrow — the ceiling currently is about $31.4 trillion — the possibility of missing the deadline to increase the limit could inflict serious economic costs, not only for the US but also the world. The US