as a safeguard against the depreciating value of the U.S. dollar, which has been largely attributed to the government's expansive monetary policies.
Drawing attention to the figures provided by Bilello, the U.S. public debt currently stands at an overwhelming $32.47 trillion as of the first week of July. This exorbitant amount exceeds the maximum borrowing limit of $31.4 trillion, which was rendered obsolete by a law signed in early June. The legislation effectively eliminated the debt ceiling temporarily, until Jan. 1, 2025, while simultaneously mandating a reduction of $1.5 trillion in the U.S. budget deficit over the next decade.
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