US debt set to soar above Italy and Greece after Trump’s ‘big, beautiful bill’

While the European countries have brought their spending under control, the US president’s tax cuts and defence spending will lead to increased borrowingDonald Trump is on course to push US debt levels above those of Italy and Greece by the end of the decade after wide-ranging tax cuts and increased defence spending, according to International Monetary Fund (IMF) forecasts.Illustrating the rising debt levels in Washington and efforts made by Rome and Athens to bring spending under control after the 2008 financial crash and Covid-19 pandemic, the IMF predicts the US will see its debts climb from 125% to 143% of annual income by 2030, while Italy’s will flatline at about 137%. Continue reading...