U.S. National Debt Exceeds $30 Trillion for First Time
Economy And Jobs,Federal Budget,Economic Policy,Coronavirus Stimulus,National Debt,Build Back Better
The U.S. national debt exceeded $30 trillion for the first time, reflecting increased federal borrowing during the coronavirus pandemic.
Total public debt outstanding was $30.01 trillion as of Jan. 31, according to Treasury Department data released Tuesday. That was a nearly $7 trillion increase from late January 2020, just before the pandemic hit the U.S. economy.
The total debt comprises debt held by the public and intragovernmental debt.
The debt milestone comes at a time of transition for U.S. fiscal and monetary policy, which will likely have implications for the broader economy. Many of the federal pandemic aid programs authorized by Congress have expired, leaving Americans with less financial assistance than earlier in the pandemic.
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