{"id":5690,"date":"2025-10-27T18:20:36","date_gmt":"2025-10-28T01:20:36","guid":{"rendered":"https:\/\/abovecloud.xyz\/?p=5690"},"modified":"2025-10-27T18:21:23","modified_gmt":"2025-10-28T01:21:23","slug":"us-debt-set-to-soar-above-italy-and-greece-after-trumps-big-beautiful-bill","status":"publish","type":"post","link":"https:\/\/abovecloud.xyz\/?p=5690","title":{"rendered":"US debt set to soar above Italy and Greece after Trump\u2019s \u2018big, beautiful bill\u2019"},"content":{"rendered":"\n<p>While the European countries have brought their spending under control, the US president\u2019s tax cuts and defence spending will lead to increased borrowing<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"906\" height=\"725\" src=\"https:\/\/abovecloud.xyz\/wp-content\/uploads\/2025\/10\/image-20.png\" alt=\"\" class=\"wp-image-5691\" srcset=\"https:\/\/abovecloud.xyz\/wp-content\/uploads\/2025\/10\/image-20.png 906w, https:\/\/abovecloud.xyz\/wp-content\/uploads\/2025\/10\/image-20-300x240.png 300w, https:\/\/abovecloud.xyz\/wp-content\/uploads\/2025\/10\/image-20-768x615.png 768w\" sizes=\"auto, (max-width: 906px) 100vw, 906px\" \/><\/figure>\n\n\n\n<p><br><br>Donald Trump is on course to push\u00a0<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>\u00a0by the end of the decade after wide-ranging tax cuts and increased\u00a0<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>\n\n\n\n<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\u2019s will flatline at about 137%.<br><br>Greece is on track to cut the ratio of debt to gross domestic product (GDP) from 146% to 130% over the same period. According to IMF data, Athens has tackled a budget overspend that raced to 210% as a proportion of GDP in 2020.<\/p>\n\n\n\n<p>Amid tax cuts for high earners, the US is expected to run annual budget deficits of more than 7% over the next five years, while Italy is due to cut its spending shortfall this year to 2.9%, allowing it to meet a 3% limit set by Brussels a year early, in analysis first reported in the&nbsp;<a href=\"https:\/\/www.ft.com\/content\/34194bfa-b8ea-4301-8212-a554ee721aeb\">Financial Times<\/a>.<\/p>\n\n\n\n<p>Trump increased US government spending and cut federal taxes in the \u201cbig, beautiful bill\u201d, passed by Congress in the summer, forcing the White House to rely more heavily on borrowing to fund annual spending.<\/p>\n\n\n\n<p>The US president reversed efforts under the previous Biden administration to limit the size of the US deficit, offering tax cuts that will benefit mostly middle and high income groups. He has also pledged to build a \u201cgolden dome\u201d defence shield, which could cost almost $1tn.<\/p>\n\n\n\n<p>Spending increases could push the budget deficit higher by $7tn a year by the time Trump is due to leave office in January 2029.<\/p>\n\n\n\n<p>Both Italy and Greece have committed to maintaining primary budget surpluses, which entail cuts in spending to below the incomes from tax receipts.<br><br>Italy\u2019s growth rate is expected to average 0.5% over the next couple of years. Its population is falling due to a declining birthrate and a level of emigration that hit 200,000 last year, but Italy has seen average household incomes recover.<\/p>\n\n\n\n<p>Lorenzo Codogno, the head of Lorenzo Codogno Macro Advisors and a former chief economist at Italy\u2019s treasury department, said there was pressure on Giorgia Meloni\u2019s government to increase spending in the wake of Trump\u2019s tariffs and his demands for bigger European defence budgets.<\/p>\n\n\n\n<p>He said: \u201cThe economy and public finances remain vulnerable to a sudden negative shift in the global scenario.\u201d<br><br>Mahmood Pradhan, head of global macro at the Amundi Investment Institute, told the FT: \u201cIt is a symbolic moment, and according to the Congressional Budget Office the projections are for US debt to carry on rising \u2013 that is the impact of running perpetual deficits.<\/p>\n\n\n\n<p>\u201cBut Italy has a weaker growth outlook than the US, so this should not be read as meaning Italy is out of the woods.\u201d<\/p>\n\n\n\n<p>James Knightley, chief international economist at ING, said: \u201cMany US politicians and investors look down somewhat on Europe and its slow growth and struggling economies, but when you have metrics like this, the conversation changes.\u201d<br><br>Reposted from The Guardian<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the European countries have brought their spendin [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":5691,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[1286,4176,617],"class_list":["post-5690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-usa","tag-debt","tag-spending","tag-us"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US debt set to soar above Italy and Greece after Trump\u2019s \u2018big, beautiful bill\u2019 - abovecloud<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/abovecloud.xyz\/?p=5690\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US debt set to soar above Italy and Greece after Trump\u2019s \u2018big, beautiful bill\u2019 - abovecloud\" \/>\n<meta property=\"og:description\" content=\"While the European countries have brought their spendin [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/abovecloud.xyz\/?p=5690\" \/>\n<meta property=\"og:site_name\" content=\"abovecloud\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-28T01:20:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-28T01:21:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/abovecloud.xyz\/wp-content\/uploads\/2025\/10\/image-20.png\" \/>\n\t<meta property=\"og:image:width\" content=\"906\" \/>\n\t<meta property=\"og:image:height\" content=\"725\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u4f5c\u8005\" \/>\n\t<meta name=\"twitter:data1\" content=\"CrapeMyrtle888\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u9884\u8ba1\u9605\u8bfb\u65f6\u95f4\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 \u5206\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/abovecloud.xyz\/#website\",\"url\":\"https:\/\/abovecloud.xyz\/\",\"name\":\"abovecloud\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/abovecloud.xyz\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"zh-Hans\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"zh-Hans\",\"@id\":\"https:\/\/abovecloud.xyz\/?p=5690#primaryimage\",\"url\":\"https:\/\/abovecloud.xyz\/wp-content\/uploads\/2025\/10\/image-20.png\",\"contentUrl\":\"https:\/\/abovecloud.xyz\/wp-content\/uploads\/2025\/10\/image-20.png\",\"width\":906,\"height\":725},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/abovecloud.xyz\/?p=5690#webpage\",\"url\":\"https:\/\/abovecloud.xyz\/?p=5690\",\"name\":\"US debt set to soar above Italy and Greece after Trump\u2019s \u2018big, beautiful bill\u2019 - abovecloud\",\"isPartOf\":{\"@id\":\"https:\/\/abovecloud.xyz\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/abovecloud.xyz\/?p=5690#primaryimage\"},\"datePublished\":\"2025-10-28T01:20:36+00:00\",\"dateModified\":\"2025-10-28T01:21:23+00:00\",\"author\":{\"@id\":\"https:\/\/abovecloud.xyz\/#\/schema\/person\/96ebd2d6dfd45e6b12ba731340efc174\"},\"breadcrumb\":{\"@id\":\"https:\/\/abovecloud.xyz\/?p=5690#breadcrumb\"},\"inLanguage\":\"zh-Hans\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/abovecloud.xyz\/?p=5690\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/abovecloud.xyz\/?p=5690#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"\u9996\u9875\",\"item\":\"https:\/\/abovecloud.xyz\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"US debt set to soar above Italy and Greece after Trump\u2019s \u2018big, beautiful bill\u2019\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/abovecloud.xyz\/#\/schema\/person\/96ebd2d6dfd45e6b12ba731340efc174\",\"name\":\"CrapeMyrtle888\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"zh-Hans\",\"@id\":\"https:\/\/abovecloud.xyz\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/6ba8c6340f49e5053ee1d42c8f9b249987b4ccead633b2c0b701144523def435?s=96&d=wavatar&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/6ba8c6340f49e5053ee1d42c8f9b249987b4ccead633b2c0b701144523def435?s=96&d=wavatar&r=g\",\"caption\":\"CrapeMyrtle888\"},\"url\":\"https:\/\/abovecloud.xyz\/?author=5\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"US debt set to soar above Italy and Greece after Trump\u2019s \u2018big, beautiful bill\u2019 - abovecloud","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/abovecloud.xyz\/?p=5690","og_locale":"zh_CN","og_type":"article","og_title":"US debt set to soar above Italy and Greece after Trump\u2019s \u2018big, beautiful bill\u2019 - abovecloud","og_description":"While the European countries have brought their spendin [&hellip;]","og_url":"https:\/\/abovecloud.xyz\/?p=5690","og_site_name":"abovecloud","article_published_time":"2025-10-28T01:20:36+00:00","article_modified_time":"2025-10-28T01:21:23+00:00","og_image":[{"width":906,"height":725,"url":"https:\/\/abovecloud.xyz\/wp-content\/uploads\/2025\/10\/image-20.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"\u4f5c\u8005":"CrapeMyrtle888","\u9884\u8ba1\u9605\u8bfb\u65f6\u95f4":"3 \u5206"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/abovecloud.xyz\/#website","url":"https:\/\/abovecloud.xyz\/","name":"abovecloud","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/abovecloud.xyz\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"zh-Hans"},{"@type":"ImageObject","inLanguage":"zh-Hans","@id":"https:\/\/abovecloud.xyz\/?p=5690#primaryimage","url":"https:\/\/abovecloud.xyz\/wp-content\/uploads\/2025\/10\/image-20.png","contentUrl":"https:\/\/abovecloud.xyz\/wp-content\/uploads\/2025\/10\/image-20.png","width":906,"height":725},{"@type":"WebPage","@id":"https:\/\/abovecloud.xyz\/?p=5690#webpage","url":"https:\/\/abovecloud.xyz\/?p=5690","name":"US debt set to soar above Italy and Greece after Trump\u2019s \u2018big, beautiful bill\u2019 - abovecloud","isPartOf":{"@id":"https:\/\/abovecloud.xyz\/#website"},"primaryImageOfPage":{"@id":"https:\/\/abovecloud.xyz\/?p=5690#primaryimage"},"datePublished":"2025-10-28T01:20:36+00:00","dateModified":"2025-10-28T01:21:23+00:00","author":{"@id":"https:\/\/abovecloud.xyz\/#\/schema\/person\/96ebd2d6dfd45e6b12ba731340efc174"},"breadcrumb":{"@id":"https:\/\/abovecloud.xyz\/?p=5690#breadcrumb"},"inLanguage":"zh-Hans","potentialAction":[{"@type":"ReadAction","target":["https:\/\/abovecloud.xyz\/?p=5690"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/abovecloud.xyz\/?p=5690#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"\u9996\u9875","item":"https:\/\/abovecloud.xyz\/"},{"@type":"ListItem","position":2,"name":"US debt set to soar above Italy and Greece after Trump\u2019s \u2018big, beautiful bill\u2019"}]},{"@type":"Person","@id":"https:\/\/abovecloud.xyz\/#\/schema\/person\/96ebd2d6dfd45e6b12ba731340efc174","name":"CrapeMyrtle888","image":{"@type":"ImageObject","inLanguage":"zh-Hans","@id":"https:\/\/abovecloud.xyz\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/6ba8c6340f49e5053ee1d42c8f9b249987b4ccead633b2c0b701144523def435?s=96&d=wavatar&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6ba8c6340f49e5053ee1d42c8f9b249987b4ccead633b2c0b701144523def435?s=96&d=wavatar&r=g","caption":"CrapeMyrtle888"},"url":"https:\/\/abovecloud.xyz\/?author=5"}]}},"_links":{"self":[{"href":"https:\/\/abovecloud.xyz\/index.php?rest_route=\/wp\/v2\/posts\/5690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abovecloud.xyz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abovecloud.xyz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abovecloud.xyz\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/abovecloud.xyz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5690"}],"version-history":[{"count":1,"href":"https:\/\/abovecloud.xyz\/index.php?rest_route=\/wp\/v2\/posts\/5690\/revisions"}],"predecessor-version":[{"id":5692,"href":"https:\/\/abovecloud.xyz\/index.php?rest_route=\/wp\/v2\/posts\/5690\/revisions\/5692"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abovecloud.xyz\/index.php?rest_route=\/wp\/v2\/media\/5691"}],"wp:attachment":[{"href":"https:\/\/abovecloud.xyz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abovecloud.xyz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abovecloud.xyz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}