KUALA LUMPUR (March 2): The debt load of the US is growing at a quicker clip in recent months, increasing about US$1 trillion (RM4.75 trillion) nearly every 100 days, according to CNBC.

In a report on Friday, the news outlet said the nation’s debt permanently crossed over to US$34 trillion on Jan 4, after briefly crossing the mark on Dec 29, citing data from the US Department of Treasury.

It reached US$33 trillion on Sept 15, 2023, and US$32 trillion on June 15, 2023, hitting this accelerated pace.

Before that, the US$1 trillion move higher from US$31 trillion took about eight months.

CNBC said US debt, which is the amount of money the federal government borrows to cover operating expenses, stood at nearly US$34.4 billion as of Wednesday.

It said Bank of America investment strategist Michael Hartnett believes the 100-day pattern will remain intact with the move from US$34 trillion to US$35 trillion.

“Little wonder ‘debt debasement’ trades [are] closing in on all-time highs — gold at US$2,077/oz, and bitcoin at US$67,734,” he wrote in a note on Thursday.

Spot gold is currently hovering around US$2,084 an ounce, while bitcoin was recently around US$61,443.

The cryptocurrency in February closed out its best month since 2020, briefly trading above US$64,000 on Wednesday, before pulling back.

Inflows into crypto funds are on course for a “blowout year”, with an annualised inflow of US$44.7 billion so far this year, Hartnett noted.

Moody’s Investors Service lowered its rating outlook on the US government to negative from stable in November, due to rising risk to the country’s fiscal strength.

“[This is] in the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues,” the agency said.

“Moody’s expects that the US fiscal deficit will remain very large, significantly weakening debt affordability,” CNBC reported.