US national debt exceeds $30 trillion for first time in history
New York PostFeb 02, 2022
The gross US national debt exceeded $30 trillion for the first time in history according to new figures released by the Treasury.
Economic forecasters had predicted the US wouldn't cross that threshold until 2025, but federal spending has accelerated during the pandemic.
Republican lawmakers -- and even some Democrats -- are finally waking up to the enormous challenges the national debt poses for US economic security. They're refusing to go along with Biden's irresponsible spending plans, which would only exacerbate the problem.
Administrations from both parties have promised to tackle America's spending problems for decades, but only Clinton succeeded in making a dent in the budget deficit. The current crisis has its roots in the Trump administration, which recklessly borrowed money to finance tax cuts for the wealthiest Americans.
National debt will reach $50 trillion nominal dollars by November 2029, according to the Metaculus prediction community.