US national debt surpasses $31 trillion

Posted on AllSides October 5th, 2022
From The Center

America’s gross national debt has surpassed $31 trillion for the first time.

The figure was revealed in a Treasury Department report released Tuesday and comes at a time when the economy faces inflation and higher interest rates. During the COVID-19 pandemic, the government borrowed more money to support the economy as lockdowns disrupted labor markets and supply chains.

The costs of borrowing remain higher, and with economists warning of an impending recession, the milestone comes at an inopportune and volatile moment. A Wall Street sell-off from all-time highs in January has been...

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