The nationwide debt has handed a new milestone, topping $22 trillion for the first time.
The Treasury Department’s day by day statement exhibits that complete excellent public debt stands at $22.01 trillion. It stood at $19.ninety five trillion when President Donald Trump took workplace on Jan. 20, 2017.
The debt determine has been rising at a quicker tempo following passage of Trump’s $1.5 trillion tax reduce in December 2017 and action by Congress last yr to increase spending on domestic and army packages.
Michael Peterson, head of the Peter G. Peterson Foundation, says “our rising national debt issues as a result of it threatens the financial future of every American.”
The national debt is the full of the annual finances deficits. The Congressional Price range Office tasks this yr’s deficit shall be $897 billion.