America’s national debt has climbed north of $31 trillion for the first time
, a milestone that comes at a time of historically high inflation, rising interest rates and growing economic uncertainty. The nation’s total public debt outstanding closed at $31.1 trillion on Monday, according to Treasury Department data published Tuesday. The US government went on a borrowing spree during the Covid-19 pandemic to help shore up the nation’s economy as the deadly virus upended lives, labor markets and supply chains.
“Excessive borrowing will lead to continued inflationary pressures, drive the national debt to a new record as soon as 2030 and triple federal interest payments over the next decade – or even sooner if interest rates go up faster or by more than expected,” the CRFB wrote. America’s borrowing levels have soared during the past decade. The outstanding public debt was $10.6 trillion when former President Barack Obama took office on January 20, 2009; $19.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. National Debt Eclipses $31 Trillion For First TimeThe country’s outstanding debt has nearly tripled since 2009, and spiked in the early months of the Covid-19 pandemic.
Read more »
US starts fiscal year with record $31 trillion in debtThe Congressional Budget Office earlier this year released a report on America’s debt load, warning in its 30-year outlook that, if unaddressed, the debt will soon spiral upward to new highs that could ultimately imperil the U.S. economy.
Read more »
National debt surpasses $31 trillionThe U.S. government continues to pile on debt obligations at the rate of $1 trillion per year, even though emergency spending approved during the COVID pandemic has fallen.
Read more »
National debt surpasses $31 trillionThe U.S. government continues to pile on debt obligations at the rate of $1 trillion per year, even though emergency spending approved during the COVID pandemic has fallen.
Read more »