Headline Roundup • October 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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Michael Reynolds | AP
The national debt of the United States blew past $31 trillion for the first time ever Tuesday, a grim milestone that comes amid soaring interest rates that threaten to strain the government's finances.
It comes just nine months after the last milestone of $30 trillion, according to the Committee for a Responsible Federal Budget, and only five years after reaching $20 trillion. The unprecedented spree of government borrowing brought forth by the COVID-19 pandemic, and further borrowing to stimulate the economy, has helped to contribute to the majority of this figure.
"This is a new record no...
America’s national debt has climbed north of $31 trillion for the first time, a milestone that comes at a time of historically high inflation, rising interest rates and growing economic uncertainty.
The nation’s total public debt outstanding closed at $31.1 trillion on Monday, according to Treasury Department data published Tuesday.
The US government went on a borrowing spree during the Covid-19 pandemic to help shore up the nation’s economy as the deadly virus upended lives, labor markets and supply chains. Outstanding debt has climbed nearly $8 trillion since the beginning of 2020. And...
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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