According to a US Treasury Department report released on Tuesday, the US' gross national debt has surpassed $31 trillion, edging closer to the statutory ceiling of roughly $31.4 trillion put in place by Congress limiting the government's ability to borrow, AP reported.
First, it's clear that the US economy is in far less rosy shape than what many had forecast, with debt now trillions of dollars higher than its GDP, which was only about $23 trillion last year. Starting around 2013, US debt began to steadily outstrip GDP. After 2020, it jumped to about 125% of the year's GDP, quickly soaring up to nearly 135% in 2021. As the rate of borrowing continues to climb, the unhealthy ratio of debt to GDP is expected to continue rising over coming years.
On the one hand, the Biden administration hopes to suppress inflation, which will likely drag down the US economy and employment. On the other hand, if the government chooses to stimulate the economy by increasing debt scale, investors will face greater pressure like rising capital cost, ultimately dampening economic growth prospects. It will be therefore difficult for the US government to balance economic recovery and runaway inflation, Bai Ming, deputy director of the international market research institute at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times. ......More Here--->
US Army Secretary Dan Driscoll is preparing to leave the Trump administration after what a new report has described as months of tension with Secretary of War Pete Hegseth, potentially triggering another change at the army’s top echelons.
According to the Friday report by The Wall Street Journal, Driscoll is expected to step down before the end of the year and could leave his post earlier. The newspaper cited people familiar with discussions over his departure.
The Journal reported that Driscoll and his family vacated the official residence assigned to the army secretary at Joint Base Myer-Henderson Hall this summer, a move that could indicate he was preparing to leave the position.
The reported departure would come at a time of continuing uncertainty at the top echelons of the army.
Hegseth abruptly removed Army Chief of Staff Gen. Randy George in April, while Trump has not yet nominated a permanent successo....more below
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The Islamic Revolution Guards Corps (IRGC) warns the enemies that any act of aggression against the Islamic Republic will not go unanswered.
In a statement on Thursday, the IRGC issued a “stern warning” to the enemies after US forces launched strikes against the southern Iranian port city of Bandar Abbas.
Following the US military attack on a point on the outskirts of Bandar Abbas Airport with aerial projectiles, the IRGC carried out new strikes targeting the US air base from which the attack originated in the wee hours of Thursday, it added.
“This response is a serious warning to the enemy that they should know the act of aggression will not go unanswered,” the IRGC emphasized.
The elite military force warned of a “more decisive” response if the enemy repeated any act of aggression.
It also said the responsibility for the consequences of any IRGC response lies with the aggressor.
The statement comes after the IRGC Navy on Thursday forced an American tanker to turn back. The tanker ...
