US urged Congress to immediately repeal the national debt ceiling

The U.S. Congress should immediately abolish the statutory ceiling on the national debt, tying the volume of borrowing to changes in government revenues and expenditures. Such a statement was released on December 11 on the website of the country's comptroller and budget office (GAO).

"Federal spending and revenue decisions are made separately from debt limit decisions. This can create borrowing needs that exceed the limit. We recommended that Congress consider immediately replacing the debt limit process with a process that requires debt decisions to be made at the same time as spending and revenue decisions," the document says.

It is specified that if this limit is exceeded and the government will not be able to borrow new funds, it will lead to a default, which could cause a serious financial crisis both in the U.S. and worldwide, causing significant damage to the economy.

Earlier, on December 6, American businessman Ilon Musk said that the increase in the public debt of the United States threatens the country with bankruptcy.

On November 23, the U.S. Treasury Department published data that reported that the U.S. public debt for the first time in history exceeded the mark of $36 trillion. On the same day, Musk also stated that the United States is approaching bankruptcy.

Specialists of the International Monetary Fund (IMF) called the growth of the U.S. national debt a threat to the world economy. Thus, by 2032, the country's national debt may exceed 140% of GDP. The IMF urged American politicians to carefully consider the issue of increasing indirect taxes and gradual increase in income tax.