The American debt is on the pace to establish a record. (The data dates back to 1790.)

The United States reached its record debt level at the end of 1945, after a world war and the great depression.

This record, in which the debt was briefly higher than the size of the entire economy, is almost certain to be broken in the coming years. Estimates from the Congressional Budget Office Budget published in January showed that the country was on the right track to exceed it in 2032 – and it was before the Republicans’ tax and expenditure bill was taken into account.

Under the Gop Megabill considered in the House, budget experts now say that the American debt would exceed the record even earlier and climb much higher in the coming decades.

America has already had high debt periods, but they tended to occur during wars, recession or other major shocks. Generally, federal deficits were lower during periods of low unemployment. Today, there is no war or a recession to easily explain the rapidly increasing rhythm of the loan.

Because the government has spent more than it receives in taxes over the past two decades, debt has increased. Without any modification of the existing law, the Congressional Budget Office predicts that the debt will reach around 117% of the size of the economy by 2034, greater than the 1945 record.

The Republican bill would further expand the gap by extending and expanding tax reductions and increasing military spending, partly offset by spending reductions in other areas. The committee of a responsible federal budget, a non -partisan group which promotes the reduction of debt, estimates that the country’s debt could reach 129% of the economy by 2034 under these plans.