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National debt jumps to $ 22 trillion



His US government debt hit $ 22 trillion for the first time this week, less than a year after it hit $ 21 trillion first.

On Monday, total government debt was 22,013 trillion, according to the Ministry of Finance. The exact debt ratio for a given day is published on the following business day.

The debt has now climbed more than $ 2 trillion in less than 18 months. It only hit $ 20 trillion in September 2017. A few months ago, Trump called on its cabinet officials to reduce their budgets by 5 percent to keep down.

"Our growing government debt cases because it threatens the future of the US economy," said Michael Peterson, CEO of Peter G. Peterson Foundation. "As we borrow trillions by trillion, interest rates will weigh our economy and make it harder to fund key investments for our future. over the next decade. "

" With deficits rising and the gross debt is expected to rise by more than $ 1

trillion annually into the future, it is now time for Congress to take steps to put us on a more sustainable path, "said the campaign to solve the debt. "The fiscal recklessness of the past few years has been shocking, with few willing to step up with a real plan. We need responsible leadership to solve the debt, not the aggravation of partisanship."

The federal budget deficit, an important factor in government debt growth, has been below $ 1 trillion a year over the past few years. But other factors, such as federal student loan programs and mortgage programs, have allowed the debt to rise faster than $ 1 trillion a year.

The congressional budget office this week expects the budget deficit for the current financial year 2019 to be nearly $ 900 billion.

The federal government is currently free to borrow as much as it wants to fund how much expenditure Congress approves. However, the debt ceiling will come back in place on 1 March.

At that time, the debt ceiling will be the level of debt incurred by the government, and borrowing above that level will not be allowed.

The last few times the debt ceiling was reached. Congress got the problem by suspending it, which made it possible to borrow more.

The total national debt consists of two components. The bigger piece, the debt of the public, is now more than $ 16 trillion.

The smaller part, intragiovernment holdings, is approaching $ 6 trillion and represents money borrowed by the government from other public programs.


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