This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribefor the first time before ending lower. The Dow has been on a bull run since October 2022 thanks to a resilient economy. Having lost momentum in April, it rebounded on hopes of interest rate cuts and a strong earnings season.
Year to date, the government has spent $855 billion more than it has collected in taxes for this fiscal year, according to the U.S.. It's sending an additional $95 billion to Ukraine, Israel, Taiwan and the Indo-Pacific region.
Granted, that's a scary number, but comparing it to the gross domestic product gives us a better understanding of Washington's ability to pay back the debt. At 123% of GDP, it's favorable compared to Japan , Greece, and Italy. And of course, it depends on whether investors are willing to lend money. There isn't a hint they wouldn't provide credit to the world's biggest economy, but things can change.shop at its stores.
This shift in consumer behavior underscores the impact of rising prices and the growing burden of debt. Credit card debt, in particular, has ballooned to a staggering $1.12 trillion, withDimon acknowledges government spending is good for the economy but he's also right it needs to be checked. Otherwise inflationary pressures will erode consumers' spending, saving and wages. And the government's ability to service debt.
— CNBC's Jeff Cox, Lisa Kailia Han, Tanaya Macheel, Sam Meredith, Hakyung Kim, Andrea Miller, Shawn Baldwin, Jessica Dickler, and Melissa Repko contributed to this report.