Recent analysis from USA Today showed that the United States has $61.6 trillion in promises that have not yet been paid for.
The news source reports that last year the economy fell apart at a rapid pace under the watch of President Barack Obama, with $5.3 trillion in new obligations added last year alone. The amount of unpaid promises held by the U.S. amounts to $527,000 per household.
Corporations would be obligated to report such future promises to their shareholders, but the government does not add the expenses until the money is actually paid out, according to the news provider.
Another report, this one from the Treasury, found that America’s debt will be larger than the size of the economy this year, something that has not happened since World War II, according to the Chicago Tribune. Specifically, the debt-to-GDP ratio is expected to be 102 percent.
Representative Dave Camp (R-Mich.) said that the report showed “why any increase in the debt limit must be paired with significant spending reductions and real entitlement reforms,” reports the news provider.