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US national debt problem lies in uncontrolled issuing — Russian finance minister

The US government debt surged by more than $500 bln to $33.5 trillion in less than a month, according to data of the US Treasury Department released in early October

MOSCOW, November 5. /TASS/. The US national debt is huge because of the uncontrolled issuing, Russian Finance Minister Anton Siluanov told reporters at the International RUSSIA EXPO.

"The US debt is large indeed but the problem lies in the fact that they are printing this money, purchase it, purchase bonds of the United States of America because they are still living in the paradigm that the dollar is a reliable and resilient currency," the minister said.

"However, if there is too much printing, <...> inflation is eventually underway in the United States proper. There can be no stable currency against uncontrolled issuing, and the debt therefore is huge" Siluanov noted.

This "distracts" budget expenditures, specifically for debt servicing, the minister noted. Rates are growing and there is less money for current tasks and government needs, Siluanov said. "Debts suppress budget capabilities and economic development," he added.

The US government debt surged by more than $500 bln to $33.5 trillion in less than a month, according to data of the US Treasury Department released in early October.

The International RUSSIA EXPO is being held from November 4, 2023 to April 12, 2024 in Moscow. It was organized to demonstrate the most achievements of the country in different sectors of the economy. TASS is the general information agency of the forum.

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