The Strategist

The U.S. government debt exceeds $33T for the first time in history

09/19/2023 - 03:34

The entire public debt of the United States has reportedly surpassed $33 trillion for the first time in history, according to the Treasury Department.

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The U.S. Ministry of Finance estimates that the country's total national debt is currently $33.044 trillion.

The U.S. national debt had surpassed $32 trillion on June 16, 2022. The U.S. debt may probably approach $50 trillion by the end of this decade, even accounting for the recently passed bipartisan agreement on spending reductions, The New York Times writes.

Early in June 2023, the Republican Party's reluctance to extend the debt ceiling without Joe Biden’s administration making expenditure concessions put the United States at risk of default. In late May, the parties finally came to an agreement. The deal suggests that the debt ceiling will be frozen until January 1, 2025 in exchange for restricting budget expenditures.


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