The US national debt has surged by $273.859 billion in just two months, reaching a record high of $34.571 trillion.
Concerns from a Billionaire
Billionaire investor Leon Cooperman has warned that the country is inching closer to a financial crisis. He believes the government missed an opportunity to address the issue when it ignored recommendations from the Simpson-Bowles report, which called for reducing government spending and raising revenue.
Cooperman expressed concern about the current leadership, stating that it only reacts to crises rather than taking proactive measures. He emphasized the importance of addressing the deficit, which has increased to $1.7 trillion in the 2023 fiscal year.
Rising Deficits
The Congressional Budget Office has reported that the federal deficit has risen from $1.4 trillion in 2022 to $1.7 trillion in 2023. Cooperman believes that deficits matter and will ultimately lead to a financial crisis in the country.
