US National debt surpasses $31 trillion

WASHINGTON, DC: President Joe Biden (R) gives Sen. Joe Manchin (D-WV) (L) the pen he used to sign The Inflation Reduction Act with Senate Majority Leader Charles Schumer (D-NY) in the State Dining Room of the White House.  (Drew Angerer/Getty Images)/Fox News

First time ever, the US national debt has surpassed $31 trillion.

The overall national debt was $31.123 trillion as of Monday, according to data from the Treasury Department released today.

Even if the federal government's voracious spending has significantly decreased as the COVID pandemic has subsided, the new milestone was nonetheless achieved.

The national debt increased by $1 trillion in just one month in the months after the outbreak, twice in 2020.

The outcome was that the federal government spent $3.1 trillion more in 2020 than it took in, and $2.8 trillion more the following year.

The projected budget deficit for 2022 is $1 trillion. Given the rise in entitlement spending as well as the new spending objectives established by Congress this year, some experts think the ceiling for more debt is $1 trillion annually.

These top concerns include aiding Ukraine in its conflict with Russia and the health and environmental legislation known as the Inflation Reduction Act.

President Biden has praised his administration for slowing the rate at which the government amasses new debt, even though a large portion of the decrease in the annual budget deficit is attributable to the easing of emergency COVID spending.

In September, Biden said, "You know, Republicans talk about being fiscally responsible. "I cut the deficit by $350 billion last year. You are aware of how much this year, excluding the adjustments to Medicaid? 700 billion dollars worth of money. Therefore, I don't want to hear anything about economic discipline from Republicans."


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