News

U.S. National Debt Exceeds $30 Trillion For First Time Ever

Like
Like Love Haha Wow Sad Angry

The U.S. national debt rose above $30 trillion for the first time ever, according to Treasury Department.

The national debt is the accumulation of the federal government’s deficits over the years. The federal government owes almost $8 trillion to foreign and international investors in Japan and China alone.

The Covid-19 pandemic had a severe impact due to spikes in unemployment and stimulus payments. When former President Donald Trump entered office, the debt was already at $20 trillion but has spiraled in recent years.

Federal Reserve Chairman Jerome Powell stated, “Debt is not at an unsustainable level, but the path is unsustainable.”

Subscribe to our free weekly newsletter!

A week of political news in your in-box.
We find the news you need to know, so you don't have to.

Michael Peterson, CEO of the Peterson Foundation, which studies America’s fiscal challenges, wrote in an essay, “the federal budget has a structural mismatch between spending and revenues, and the gulf between them is growing.” 

Democrats are looking to reduce the debt as part of Biden’s budget package now stalled in Congress.

Like
Like Love Haha Wow Sad Angry
Tara Cumberbatch

Share
Published by
Tara Cumberbatch

Recent Posts

Trump Administration Plans To Burn $10M Worth Of Birth Control At A Cost Of $160K

The U.S. stock of contraceptives, worth $9.7 million, which was originally planned to be distributed…

41 mins ago

Right-Wing Influencer Laura Loomer Calls Tucker Carlson A ‘Terrible Person’ & ‘A Fraud’ As GOP Fractures Deepen

In a recent post on X, ultra-conservative activist Laura Loomer launched a new attack on…

56 mins ago

Judge Orders Two-Week Halt To Construction At ‘Alligator Alcatraz’

A federal judge ordered a two-week halt to construction at Florida’s migrant detention center widely…

10 hours ago

Netanyahu Planning For Israel To ‘Occupy All Of The Gaza Strip,’ Right-Wing Minister Calls For Reoccupation

Israeli Prime Minister Benjamin Netanyahu is planning to “occupy all of the Gaza Strip,” as…

10 hours ago

Report Reveals Alleged Hillary Clinton Email Saying That She Wanted To Frame Trump Was Fabricated By Russia

A special counsel who examined the investigation of Russia’s possible interference with the 2016 presidential…

1 day ago

White House Deputy Chief Of Staff Appears To Endorse ‘Indefinite’ Presidential Terms For Trump

Deputy White House Chief of Staff Dan Scavino appeared to endorse the idea of eliminating…

1 day ago