There are many crises behind the ＂barbaric growth＂ of US Treasury bonds exceeding $31 trillion for the first time.

　　　　　　 CCTV News:According to data released by the U.S. Treasury Department on the 4th, as of the 3rd, the debt of the U.S. federal government exceeded $31 trillion for the first time, greatly exceeding the GDP of about $23 trillion last year, and further approaching the debt ceiling of $31.4 trillion. The US Congressional Budget Office has issued a report warning that in the long run, the rising high debt will increase the borrowing cost of the private sector and drag down economic growth. In addition, the risk of investors losing confidence in the solvency of the US government will increase, and the possibility of a financial crisis in the United States will increase.

The debt ceiling is the highest amount of debt set by the US Congress for the federal government to fulfill its existing payment obligations. Touching this "red line" means that the US Treasury’s borrowing authorization is exhausted. Next, through a short film to understand the "barbaric growth" of US Treasury bonds.

The US Congress first established the debt ceiling system in 1917. Since the end of World War II, the US Congress has revised the debt ceiling 98 times, most of which were upward. In recent years, the debt scale of the US federal government has approached or even reached the debt ceiling for many times. Under the pressure of rising debt scale, in December last year, the US Congress raised the federal government debt ceiling by 2.5 trillion US dollars to about 31.4 trillion US dollars.

On February 1st this year, the data released by the US Treasury Department showed that the total amount of US Treasury bonds had exceeded the $30 trillion mark, a record high. Some American media pointed out that the time when the federal government debt exceeded 30 trillion US dollars was several years earlier than previously expected.

Michael Peterson, CEO of the peter peterson Foundation, said that the problem of US national debt was the result of "irresponsibility" of the two parties in Congress. In the past decades, Washington politicians have repeatedly chosen to cut taxes or promote government spending plans, regardless of the future of the United States. According to the foundation, allocating this huge debt to the American people is equivalent to a debt of about $236,000 per family and about $93,000 per person.

In addition, with the Federal Reserve raising interest rates several times this year, the interest cost of American debt will gradually increase. The Congressional Budget Office warned that the increasing debt burden and higher inflation rate may increase the risk of financial crisis, weaken the market’s confidence in the US dollar, and raise the financing cost of private enterprises in the international market. Economists generally believe that if the US debt really defaults, the consequences will be more serious and may even trigger an international financial crisis.