US debt soars to $29 trillion, owes India $216 billion

(Karachi) American Congressman Alex Mooney has transpired that the United States owes India $216 billion in loan as the country's debt grows to a record $29 trillion, Hindustan Times reported. The US lawmaker has cautioned the leadership against galloping foreign debt, the largest of which comes from China and Japan.

As per details, in 2020, the US national debt was $23.4 trillion, that was $72,309 in debt per person.

Speaking at the floor of the House of Representative, he said: “We are going to grow our debt to $29 trillion. That is even more debt owed per citizen. There is a lot of misinformation about where the debt is going. The top two countries we owe the debt to are China and Japan, not actually our friends.”

He maintained, "We are at global competition with China all the time. They are holding a lot of the debt. We owe China and Japan over $1 trillion each."

In January, U.S. President Joe Biden announced a $1.9 trillion coronavirus relief package to tackle the economic fallout from the pandemic, including direct financial aid to average Americans, support to businesses and to provide a boost to the national vaccination programme.

Congressmen Mooney said that things have gone completely out of control. The Congressional Budget Office estimates an additional USD 104 trillion will be added by 2050. The Congressional Budget Office forecasted debt would rise 200 per cent.

“Today, as I stand here right now, we have USD 27.9 trillion in national debt...That is actually a little more than USD 84,000 of debt to every American citizen right here today,” Mooney said.