The U.S. government's gross
national debt has climbed to $37 trillion as a result of increased borrowing from
Donald Trump's administration, according to the
latest report from the
Treasury Department.
The departmental update, issued to track the nation's finances, blamed the milestone on the accelerating pace of borrowing by the federal government, which has seen the debt soar by $1t to its present record high in just nine months.
The debt stood at $34t in January 2024 and $36t in November and has surpassed the $37 t marker far earlier than forecasts made before the
Covid-19 pandemic had anticipated.
The
Congressional Budget Office's January 2020 projections indicated that the gross federal debt was not likely to hit its present figure until the 2030 fiscal year.
But the debt grew faster than expected because the coming of the pandemic necessitated heavy government borrowing under both Trump and
Joe Biden as they fought to stabilize the American economy amid the global slowdown.
That big beautiful bill. Slurp