U.S. National Debt Tops $20 trillion for the First Time

Investing.com - The national debt rose above $20 trillion for the first time in U.S. history on Friday.The total national debt increased by around $318 billion to $20.162 trillion when President Donald Trump signed a bill suspending the debt ceiling and extending the federal borrowing limit until December 8. Trump stunned Republicans by forcing through the deal with Democrats, which permitted the three-month debt-ceiling increase in exchange for quick action on Harvey aid and short-term spending.Before the bill's completion, U.S. debt totaled around $19.84 trillion. The bill allowed the Treasury Department to start borrowing again after several months of using ""extraordinary measures"" to keep from defaulting. When the bill expires on December 8 the outstanding amount becomes the new debt ceiling and extraordinary measures must begin again unless new legislation is passed.