(07 October 2021) At the end of June of 2021, the U.S. government hit the public debt ceiling of $28.4 trillion. According to U.S. Treasury Secretary Janet Yellen's estimates, under the existing debt limit the U.S. government will have to stop paying on its obligations such as social security programs, salaries and interest payments on treasury securities on October 18.

  • Prolonged debates and lack of consensus in the U.S. Congress on the debt limit led to a stock market decline through September, on the expectation that government spending cuts to sustain the debt level amid high inflation will inevitably lead to an economic downturn.
  • This week, Democrats and Republicans agreed to extend the public debt ceiling until December 3 and allow the US government to borrow an additional $480 billion.

Coronavirus Data and Insights

Live data and insights on Coronavirus around the world, including detailed statistics for the US, EU, and China — confirmed and recovered cases, deaths, alternative data on economic activities, customer behavior, supply chains, and more.

Verwandte Insights von Knoema

QuERI | The US Federal Debt Outstanding is Just a Number - 27 and 12 Zeros

(02 February 2021) Based on the original paper by Dr. David L. Blond, Principle Researcher and President, QuERI-International. The views expressed are those of the author(s) and do not necessarily represent the views of Knoema Holdings and its Executive Board. In November 2020, US voters went to the ballot box and sent a Democrat back into the White House to stare down a federal deficit that grew under President Trump from $19 trillion in January 2016 to more than $27 trillion the day that Joe Biden was inaugurated. As you can imagine, the deficit hawks are out in force once again....

Household Debt in the US

The household debt balance in the United States reached a new all-time high of $13.3 trillion in the second quarter of 2018, according to the latest report from the Center for Microeconomic Data of the Federal Reserve Bank of New York. US household debt has risen continuously since 2013, now constituting 65 percent of US GDP and exceeding the 2008 pre-crisis level by nearly $475 billion. US household debt is indisputably large in absolute terms, now exceeding the GDP China, the world's second-largest economy. Yet, relative to the size of the US economy, household debt is less...

Eurozone: Governments Are Paying Less for Higher Debts

(05 August 2021) To support the economy and health systems during the coronavirus crisis, governments had to increase spending, financing the increase mostly with growing debt. However, buildup in government debt doesn't necessary lead to the deterioration of fiscal stability, at least not in the short term. Eurozone countries, which on average increased government debt by 14% of GDP during 2020, now pay even less to serve higher debts than they did before the pandemic began. In 2020, government debt in eurozone countries increased by an average of 14.1 percentage points, to 98.4%...

US Purchasing Managers Index Falls Below 50, Signals Contraction

In August, US manufacturing activity contracted 2.1 points from July, the largest contraction in nearly three years. According to the Institute of Supply Management (ISM) Purchasing Manufacturing Index (PMI) - commonly referred to as the ISM manufacturing index - fell to 49.1, making the US a late comer to a growing club of large economies, such as China, the Eurozone, Japan, and the United Kingdom, that have likewise reported contracting manufacturing sectors in recent months. The PMI is being dragged down by a sharp decline in new orders, non-farm employment (which increased by...