Headline RoundupOctober 5th, 2022

US National Debt Tops $31 Trillion for First Time

Summary from the AllSides News Team

U.S. national debt has reached a new high.

The national debt was $31.1 trillion as of Monday, the first time it's been over $31 trillion, according to data from the Treasury Department. In February, the national debt passed $30 trillion for the first time.

The president of the Committee for a Responsible Federal Budget said "this is a new record no one should be proud of," and detailed how in "the past 18 months, we’ve witnessed inflation rise to a 40-year high, interest rates climbing in part to combat this inflation, and several budget-busting pieces of legislation and executive actions." A CRFB analysis last month said that the Biden administration's policies are expected to "add more than $4.8 trillion to deficits between 2021 and 2031." The Biden administration said last month that it expects 2022's deficit to decline by $1.7 trillion, which would be the single largest federal deficit decline in American history.

Outlets across the political spectrum highlighted the news and the CRFB analysis. Reports on all sides tied rising debt to high spending during the COVID-19 pandemic, and highlighted voices who said rising interest rates may make the debt situation worse.

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