New York

US National Debt Exceeds $31 Trillion for First Time in History

U.S. government bonds Exceeded $31 trillion For the first time in history.

The country’s total debt was $31.123 trillion as of Monday, according to Treasury Department data released on Tuesday.

New milestones have been reached, even as the COVID-19 pandemic weakens and insatiable federal spending slows significantly. In the months after the outbreak, the country’s debt increased by $1 trillion in just one month. In 2020 he not only increased by one, he increased by two.

As a result, the federal government spent $3.1 trillion more than it received in 2020 and $2.8 trillion more than it received the following year.

In 2022, budget deficit It is expected to be around $1 trillion. Some experts believe $1 trillion a year in new debt is the lower bound given the increase in entitlement spending and the new spending priorities set by Congress this year. These priorities include policy legislation on health and the environment. Inflation control law Support Ukraine in its war with Russia.

Much of the reduction in the annual budget deficit is due to the easing of emergency COVID spending, but President Biden admired his government To slow the rate at which governments accumulate new debt.

Biden spoke last month about the 2022 Inflation Control Act.

“As you know, Republicans talk about being financially responsible,” Biden said in September. “Last year, I cut the deficit by $350 billion. Excluding the Medicaid changes, do you know how much this year? $1.7 trillion. So I don’t want to hear from Republicans about fiscal responsibility.”

For weeks, Republicans have argued that voters are ready to cut federal spending, which they say is a major factor in rising inflation, and the issue is likely to come to Republicans in the midterm elections. It also states that it is the reason for giving control of Congress.

In August, Sen. Ted Cruz (R-Texas) said the Democratic Party’s Inflation Reduction Act “will drive up inflation and prices, hurt small businesses and American manufacturing, and raise the prices of gas and raw materials.” , equivalent to hundreds of billions of dollars in new spending.” Her IRS against Americans while raising taxes on Americans in nearly every tax bracket, including those earning less than her $400,000 a year

Shortly after the Treasury Department released the new numbers, Rep. Chip Roy (R-Texas) said the nation’s debt was “$21 trillion just five years ago. Think about it.

Rep. James Baird (Republican) added: ‘Americans deserve better’ US National Debt Exceeds $31 Trillion for First Time in History

Back to top button