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US national debt reaches a record $37 trillion, the Treasury Department reports
- The U.S. government's gross national debt surpassed a record $37 trillion as reported by the Treasury Department on Tuesday.
- This milestone occurred years sooner than the Congressional Budget Office's January 2020 projection due to the multi-year COVID-19 pandemic and heavy federal borrowing under Presidents Trump and Biden.
- Rising debt increases borrowing costs for mortgages and goods, reduces private investment, and pressures taxpayers, with new debt added at over twice the 25-year average rate.
- Michael Peterson noted that the national debt is increasing by one trillion dollars approximately every five months, underscoring the accelerated rate of debt accumulation.
- Experts like Maya MacGuineas urge policymakers to act quickly to address accelerating debt, while projections show continued borrowing growth due to current tax laws.
110 Articles
110 Articles
In Trump's year of cost-cutting and efficiency, national debt soars past $37 trillion
U.S. national debt has topped $37 trillion, drawing warnings from economists and business leaders. President Trump’s plan to repay the debt centers on tariffs, cost-cutting, and growth programs. Critics argue the impact is likely to be minimal. Meanwhile, White House deputy press secretary Kush Desai told Fortune the debt-to-GDP ratio has fallen under Trump and will keep improving with pro-growth policies and record tariff revenues. President Tr…
The gross national debt accumulated by the United States has for the first time exceeded US$ 37 trillion (millions), according to the latest data published by the U.S. Treasury Department.The gross federal debt includes US$ 29.64 billion in public debt and another US$ 7.36 billion in intra-government debt, which puts the proportion at around 123% of GDP. “This level of indebtedness exceeds the GDP of China and the entire eurozone as a whole,” wa…
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