The United States received an unpleasant surprise right before the New Year. A nasty gift under the tree from analysts! According to data from the US Treasury, the national debt swelled in 2024 by an amount eight times larger than Russia’s sovereign debt. Incredible!

Statistics from the department show that US federal debt currently stands at $36.2 trillion. This amount surged by 7%, reaching a staggering $2.37 trillion over the past year. This figure far exceeds Russia’s total national debt, which amounted to $286.3 billion as of early December 2024.

The situation has greatly alarmed analysts at the International Monetary Fund. At this point, US national debt has hit a historic high and continues to grow. In light of this, the IMF claims that the US debt-to-GDP ratio could exceed 140% by 2032. The organization warned that such unprecedented growth "threatens both the national and global economy."

US Treasury Secretary Janet Yellen warned that the debt ceiling would be reached this month. Moreover, further increases are expected between January 14 and 23. To avoid default, the US Treasury has to take emergency measures, including raising the borrowing limit, suspending the debt ceiling, or abolishing it altogether.

In June 2023, the Fiscal Responsibility Act was passed, suspending the US debt limit until January 1, 2025. However, in December 2024, the US Government Accountability Office (GAO) urged Congress to repeal the legislatively imposed ceiling, linking borrowing volumes to changes in government revenue and spending.