US debt crisis

US federal debt is projected to soar in the next 30 years, reaching 144 percent of GDP by 2049, according to a report from the Congressional Budget Office (CBO) released on Tuesday.

Millions of Americans are struggling under the weight of student loans, but the government would rather bomb Iran than fix it, the graduate who packed his bags for China to escape his own crippling college debt tells RT.

The spiraling US government debt is apparently much higher than the official figure of $22 trillion. The indebtedness of the American financial system has now reached $72 trillion, according to the numbers compiled by the US Fed.

The US national debt has climbed above $22 trillion. It is projected to continue rising by a trillion each year over the next decade, due to the cost of pensions and medical care for the retiring Baby Boomers.

The head of the US Federal Reserve, Jerome Powell, is concerned about US debt, which has recently topped $21.9 trillion, according to US Treasury Department data.

The year-on-year surge in US sovereign debt has totaled $1.37 trillion, the latest data released by the US Treasury Department shows.