The overall U.S. government Treasury bonds It has exceeded $37 trillion, a record number that highlights accelerated debt on the U.S. balance sheet and increases cost pressure on taxpayers.
The $37 trillion update is available in Latest Ministry of Finance report Release Tuesday, recording daily financial status of the United States.
National debt is eclipsing faster than pre-pandemic forecasts. The Congressional Budget Office’s January 2020 forecast comes after the fiscal year 2030, with federal debt totaling $37 trillion. But debt began shutting down much of the U.S. economy in 2020 due to years of COVID-19, debt grew faster than expected. Donald Trump Former President Joe Biden stabilizes the national economy and supports recovery.
Now, after Trump signs the law, more and more government spending is approved Republican tax cuts and spending legislation Earlier this year. this law Congressional Budget Office says it will add $4.1 trillion over the next decade estimate.
Michael Peterson, chairman and CEO of the Peter G. Peterson Foundation, said in a statement that government lending puts up and down pressure on interest rates, “increasing costs for everyone and reducing investment in the private sector. In the federal budget, debt squeezes out important priorities in important priorities and creates more borrowing, more interest costs, more interest costs, and even more borrowing.”
Wendy Edelberg, senior fellow in institutional economic research at Brookings, said Congress played a major role in formulating the movement’s spending and income policies and the outcomes of the Republican tax law.
this Government Accountability Office Some of the effects of government debt on the rise in Americans are outlined — including higher borrowing costs for matters like mortgages and cars, lower wages for lower businesses that can be used to invest, and more expensive goods and services.
Peterson points out how the trillion-dollar milestone is “stacking up at a rapid pace.”
Peterson said: “The U.S. reached $34 trillion in debt in January 2024, $35 trillion in July 2024 and $36 trillion in November 2024. “We are now adding every five months to Treasury bonds. “This is more than twice the average speed in the past 25 years. ”
Joint Economic Commission estimate At the current average daily growth rate, another trillion of debt will be reached in about 173 days.
“Hopefully this milestone is enough to bring policy makers to awaken the reality that we need to do something, and we need to do it quickly,” Maya MacGuineas, chairman of the Federal Budget Commission, said in a statement.
