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US national debt reaches a record $37T, the Treasury Department reports
The U.S. government’s gross national debt has surpassed $37 trillion, setting a new record. This highlights the rapid acceleration of debt on America’s balance sheet and the increasing cost pressures on taxpayers.
The Congressional Budget Office’s January 2020 projections had gross federal debt eclipsing $37 trillion after fiscal year 2030. The Joint Economic Committee at the current average daily rate of growth an increase of another trillion dollars to the debt would be reached in approximately 173 days. Maya MacGuineas, president of the Committee for a Responsible Federal Budget said in a statement that “hopefully this milestone is enough to wake up policymakers to the reality that we need to do something, and we need to do it quickly.”
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