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- 1 The U.S. national debt hit a new milestone at a time when federal spending is already under scrutiny.
- 2 It is the first time that the U.S. debt topped after crossing the critical milestone.
On September 18, 2023, Monday, for the first time in history, the U.S. national debt reached $33 Trillion and created a milestone. The national debt can be simplified as what any country owes its creditors. The Treasury Department published the following information in its latest data update on Monday. Notably, the U.S. national debt crossed the critical milestone when government spending was already under scrutiny.
U.S. National Debt Marks Historic Milestone
According to the latest data update, just four decades ago, the national debt hovered at nearly $907 Billion which has now gone up in trillions. Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, talked about the historic milestone.
According to MacGuineas, “The United States has hit a new milestone that no one will be proud of: our gross national debt just surpassed $33 trillion. Debt held by the public, meanwhile, recently surpassed $26 trillion. We are becoming numb to these huge numbers, but it doesn’t make them any less dangerous.”
Notably, the historic debt level comes as Congress races to avert a government shutdown at the end of this month.
As per a recent report by Fox Business, an American media company, “House Republicans unveiled a short-term plan late Sunday that would temporarily fund the government through October 31.”
Michael Peterson, CEO of the Peter G. Peterson Foundation, further said “As lawmakers drift from one short-term fiscal crisis to the next, our national debt just keeps piling up, trillion after trillion. After the debt ceiling showdown in June, we crossed the $32 trillion debt milestone. Now, as we stare down a potential government shutdown just three months later, we have raced past $33 trillion in red ink.”
About National Debt Update
The latest findings from the Congressional Budget Office show that the national debt will almost double in size over the upcoming three decades. Late in 2022, the national debt grew to nearly 97% of gross domestic product. Under current law, the figure is expected to grow rapidly to 181% at the end of 2053.
The grave matter of concern here is the spike in interest rates in the past year and a half has made the cost of servicing the national debt “more expensive.” This is because as interest rates rise, the U.S. government’s borrowing costs on its debt will also increase.
The Committee for a Responsible Federal Budget (CRFB), also noted in its recent X (formerly Twitter) post, that “The gross national debt of the United States is now more than $33 trillion, having added $1 trillion to the debt in just three months.”
💰 The gross #nationaldebt of the United States is now more than $33 trillion, having added $1 trillion to the debt in just three months. #DebtFacts pic.twitter.com/qSgP37bzXm
— CRFB.org (@BudgetHawks) September 18, 2023
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
