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U.S. National Debt Surpasses a Whopping $37 Trillion
Cheddar News
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4 months ago
The U.S. gross national debt has surpassed a record $37 trillion, according to a new Treasury report even after this milestone was not expected until 2030.
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00:00
The U.S. gross national debt has surpassed a record $37 trillion, according to a new Treasury report,
00:07
even after this milestone was not expected until the fiscal year 2030,
00:11
based on 2020 projections from the Congressional Budget Office.
00:15
The faster rise in debt than expected is attributed to pandemic-related borrowing and overall economic slowdown.
00:22
More recently, new tax legislation is projected to add another $4.1 trillion to the debt over the next decade.
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