Economy

For First Time In History The U.S. National Debt Hits $20 Trillion

on

After seeing several months of decline, for the first time in history Monday, the total public outstanding debt hit $20 trillion.

The national debt saw a steady decline in the first several months of President Trump’s administration, dropping about $100 billion from Trump’s first day in office, all the way till last week.

Monday the U.S. Treasury reported for Friday, September 8th, the national debt exploded by more than $317 billion overnight. The jump in the deficit comes after President Trump signed into law Friday a bill that temporarily suspends the $19.84 trillion debt ceiling so federal aid could be provided for victims of recent hurricanes.

After the $317,589,836,297 increase, the total public debt now sits at a record of $20,162,176,797,904 – the first time the U.S. national debt has ever crossed the $20 trillion mark.

The director of tax policy studies at the Cato Institute Chris Edwards says the initial decline in national debt was attributable to the U.S. Treasury – not necessarily to policies set by the Trump administration saying:

“I think that data partly reflects the ‘extraordinary measures’ taken by the Treasury to skirt the debt limit. But certainly, the federal government continues to fallen further into debt because we continue to run $500 B annual deficits.”

To top that off, according to the Office of Management and Budget, the U.S. government is projected to run at a $702 billion deficit for 2017 – nearly $100 billion higher than the initial budget projections.

About Haley Hamilton

Recommended for you

Leave a Reply

Your email address will not be published. Required fields are marked *