Trump’s Trademark Hair May Go Gray Under $20 Trillion Debt Left to Him by Obama
SputnikNews.com
10.11.2016
President-elect Donald Trump’s victory party is likely to be cut short once he realizes the mess of problems left to him by his predecessor, including America’s trillions in debt.
The US national debt has surpassed $19.8 trillion dollars, or nearly $61,000 for every man, woman and child in America. The debt is expected to surpass $20 billion in less than eight weeks, and probably before Trump even steps into the Oval Office.
In March, US Congress made a deal with the White House to extend the debt limit to $20.1 trillion until President Obama leaves office, meaning that President-elect Trump will have to negotiate with Congress almost immediately after his inauguration. With Republicans retaining control of Congress, the Trump administration will probably be able to come to an agreement with lawmakers on raising the debt ceiling, thus avoiding a repeat of the 2011 government shutdown.
The question, both for the US economy and the global financial and economic system as a whole, is just how much further America’s massive debt can grow before causing major perturbations.
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