USA – The country owes India $216 billion as the American debt soars to $29 trillion
The U.S., the world’s largest economy, owes India $ 216 billion in loan as the country’s debt grows to a record $ 29 trillion, an American lawmaker has said, cautioning the leadership against galloping foreign debt, the largest of which comes from China and Japan.
In 2020, the U.S. national debt was $ 23.4 trillion, that was $ 72,309 in debt per person. “We are at global competition with China all the time. They are holding a lot of the debt. We owe China over USD 1 trillion and we owe Japan over USD 1 trillion,” the Republican Senator from West Virginia said on the floor of the US House of Representatives as he and others opposed the latest stimulus package of USD 2 trillion.
In January, US President Joe Biden announced a USD 1.9 trillion coronavirus relief package to tackle the economic fallout from the pandemic, including direct financial aid to average Americans, support to businesses and to provide a boost to the national vaccination programme.
“The people who are loaning us the money we have to pay back are not necessarily people who have our best interest at heart,” said Mooney. Congressmen Mooney also said that things have gone completely out of control. The Congressional Budget Office estimates an additional $104 trillion will be added by 2050. The Congressional Budget Office forecasted debt would rise 200 per cent.