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A Bank of America note says US government debt is not that high when measured correctly.
If you value the US economy like a company, using a discounted cash flow analysis, the debt to GDP ratio is just 0.7%, the lowest since 2004.
The bank cited research by former White House officials Larry Summers and Jason Furman, of Harvard.
The US national debt is measured at over $28 trillion, and for decades, it has been a source of concern and inhibition for lawmakers. The Republican Party tends to cite the runaway federal debt when it is not in possession of the White House, while Presidents Donald Trump and George W. Bush significantly addred to the debt when they held office.
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POLITICO
The invitation is for a joint session April 28.
Speaker of the House Nancy Pelosi. | Graeme Jennings-Pool/Getty Images
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House Speaker Nancy Pelosi on Tuesday night formally invited President Joe Biden to address a joint session of Congress on April 28, his first speech to both chambers as president.
In a brief letter to Biden, Pelosi said she invited him “to share your vision for addressing the challenges and opportunities of this historic moment.”
Pelosi had previously cited the need to wait for decisions from the Office of the Attending Physician and the House Sergeant at Arms on capacity amid the Covid-19 pandemic. Former Presidents Donald Trump and Barack Obama both gave their first addresses in February of their first years in office.