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Stellar Snippets

US national debt crosses $33 trillion

On Monday, the national debt reached a historic milestone, exceeding $33 trillion for the first time, according to Treasury Department data.

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Public debt is currently at $26 trillion, which is not too far behind federal liabilities and shows a rapid growth in overall debt.

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The debt has grown from $31.4 trillion in June to 33 trillion in September. 

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Treasury Secretary Janet Yellen says that the debt interest rates still remain manageable, and therefore aren't too worrisome.

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But, the Congressional Budget Office cautioned in June that mounting debt could lead the net interest payments to increase by 6.7% by 2053.

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The budget office warned that rising debt could also increase interest rates for foreign debt holders.

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Critics have argued further that the American population is living in a "credit bubble" with the total public household debt hitting a record $17 trillion.

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Non-housing debt stands at $4.7 trillion and the U.S. debt to GDP ratio is 120% according to Federal Reserve data.

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