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

<p>While the European countries have brought their spending under control, the US president’s tax cuts and defence spending will lead to increased borrowing</p><p>Donald Trump is on course to push <a href="https://www.imf.org/external/datamapper/GGXWDG_NGDP@WEO/OEMDC/ADVEC/WEOWORLD/ITA/USA/GRC/GBR">US debt levels above those of Italy and Greece</a> by the end of the decade after wide-ranging tax cuts and increased <a href="https://www.cfr.org/expert-brief/will-trumps-big-beautiful-defense-spending-last">defence spending</a>, according to International Monetary Fund (IMF) forecasts.</p><p>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%.</p> <a href="https://www.theguardian.com/business/2025/oct/27/us-debt-set-to-exceed-italy-and-greece">Continue reading...</a>