US owes India $ 216 billion loan as US debt climbs to $ 29 trillion, lawmaker says
The United States, the world’s largest economy, owes India a $ 216 billion loan as the country’s debt hits a record $ 29 trillion, a U.S. lawmaker said, warning leaders against a galloping foreign debt, the largest of which comes from China and Japan. In 2020, the national debt of the United States was $ 23.4 trillion, or $ 72,309 in debt per person.
“We’re going to bring our debt to $ 29 trillion. That’s even more debt per citizen. There is a lot of misinformation about where the debt is going. The two main countries we owe debt to are China and Japan, not really our friends, ”said Congressman Alex Mooney.
“We are competing globally with China all the time. They own a lot of the debt. We owe China over $ 1,000 billion and we owe Japan over $ 1,000 billion,” he said. the Republican Senator from West Virginia on the floor of the United States House. representatives as he and others opposed the latest $ 2 trillion stimulus package.
In January, US President Joe Biden announced a $ 1.9 trillion coronavirus relief plan to combat the economic fallout from the pandemic, including direct financial aid to average Americans, support for businesses and for boost the national immunization program.
“The people who lend us the money we owe are not necessarily the people who have our best interests at heart. Brazil, we owe $ 258 billion. India, we owe $ 216 billion. list grows on debt that is owed to foreign countries, ”Congressman Mooney said.
The US national debt stood at $ 5.6 trillion in 2000. Under the Obama administration, it actually doubled. “In the eight years that Obama was president, we’ve doubled our national debt. And we’re adding another – projected here – a completely out of control debt-to-GDP ratio,” he said, urging his fellow congressmen to look into it. this issue of the national debt before approving the stimulus package.
“So I urge my colleagues to look to the future. Don’t buy into the – the government doesn’t have money that it doesn’t take from you that you’re going to have to pay back. We’ve got to be wise with these dollars, and most of it isn’t going to coronavirus relief anyway, ”he said.
Members of Congress Mooney said things had gotten completely out of hand. The Congressional Budget Office estimates that an additional $ 104 trillion will be added by 2050. The Congressional Budget Office predicts that debt will increase by 200%. “Today, as I stand here right now, we have $ 27.9 trillion in national debt… That’s actually just over $ 84,000 in debt for every American citizen here today,” Mooney said.
“We actually borrowed $ 10,000 per person in a year. I mean, it’s out of control,” he said.