New York CNN —As the US national debt passes $33 trillion and a government shutdown looms, Wall Street feels defensive.
What’s happening: The gross national debt has grown at an alarming pace since then — by $1 trillion in the last three months alone.
Political finger pointing around what caused the accelerated debt accrual, meanwhile, has left the government at an impasse around the budget.
The recent increase in interest rates has already made it much more expensive for the government to pay back what it owes.
That would leave the door open for another rate increase, which could come when the following meeting concludes, on November 1.
Persons:
Fitch, ”, Michael Peterson, Peter G, Peterson, Biden, Gary Schlossberg, Jennifer Timmerman, Gregory Daco, Bryan Mena, Jerome Powell, Instacart, Jordan Valinsky
Organizations:
CNN Business, Bell, New York CNN, AAA, AA, GOP, UAW, Wells, Investment Institute, Fed, Federal, Financial, Walmart
Locations:
New York, —, Amazon