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Situation with US public debt comes from poor economic policies — Russian Finance Minister

US President Joe Biden signed a bill on Saturday, which was earlier approved by Congress, to raise the US national debt ceiling

MOSCOW, June 5. /TASS/. The United States' public debt situation was the result of poor economic policies, but the country is unlikely to default, Russian Finance Minister Anton Siluanov said in an interview with CGTN TV channel.

"Double standards are evident in all political and economic aspects, so the situation with the default is not new. It happens almost every year. The US is unlikely to allow a default, because it prints money and would print as much as it needs. The issue is political regulation and whether the deficit and debt can go beyond certain thresholds," he explained.

According to Siluanov, this is why Russia considers it important to develop settlements in national currencies. "We don't know how these countries will behave in the future, what inflation will be like, how much money they will print, and whether they will reach debt-ceiling agreements or not," he explained.

US President Joe Biden signed a bill on Saturday, which was earlier approved by Congress, to raise the US national debt ceiling. The initiative, which, according to the US president, enables the country to prevent "an economic crisis and collapse," was approved by Congress on June 1, after being passed by the House of Representatives on May 31. The bill, which was negotiated by the White House and Republicans in Congress, provides for raising the US national debt ceiling until January 1, 2025. The bill agreed by the parties provides that in fiscal year 2024, $886 bln will be allocated for defense, $121 bln for veterans' medical care, and $637 bln for other non-defense programs.

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