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Showing Original Post only (View all)America's national debt has now surpassed $31 trillion [View all]
Source: CNN Business
Americas national debt has now surpassed $31 trillion
By Alicia Wallace, CNN Business
Published 6:31 PM EDT, Tue October 4, 2022
Minneapolis (CNN Business) Americas 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 nations 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 nations economy as the deadly virus upended lives, labor markets and supply chains. Outstanding debt has climbed nearly $8 trillion since the beginning of 2020. And it has jumped by $1 trillion in just eight months.
The borrowing that occurred under the Trump administration and early on in the Biden administration came at a time when interest rates were low. Now, during a period of historically high inflation and a series of steep interest rates hikes by the Federal Reserve in its battle to tame rising prices, borrowing costs are far higher.
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Read more: https://www.cnn.com/2022/10/04/economy/us-national-debt-31-trillion/index.html