National debt passes $22 trillion for first time in history

Treasury Department building in Washington D.C

Treasury Department building in Washington D.C

The Treasury Department estimated the national debt reached $22.01 trillion, up $30 billion from the previous month.

"The national debt has now eclipsed $22 trillion, as we added $1 trillion in debt over just the last 11 months", said Michael A. Peterson, CEO of the Peter G. Peterson Foundation, a non-partisan organisation dedicated to addressing America's long-term fiscal challenges.

The Congressional Budget Office (CBO) in January estimated that federal budget deficit was about $900 billion in 2019 and exceeds $1 trillion each year beginning in 2022.

The debt figure has been rising at a faster pace following passage of Trump's $1.5 trillion tax cut in December 2017 and action by Congress previous year to increase spending on domestic and military programs.

However, the US government's debt has been rising for decades: In 1989 it stood at $3.1 trillion; in 1999: $5.6 trillion; and in 2009: $11.9 trillion. Our national debt has swelled to $22 TRILLION dollars in that time.

The national debt is the total of the annual budget deficits.

More bad news came from the Federal Reserve Bank of NY, which published the USA household debt and credit report on Tuesday showing the private debt of Americans reached the record $13.5 trillion at the end of 2018. Much of the increase will come from mounting costs to fund Social Security and Medicare as the vast generation of baby boomers continue to retire.

Team Trump contends that its tax cuts will eventually pay for themselves by generating faster economic growth - an assertion rejected by economists from both the left and right.

Still, some budget experts warn that ever-rising federal debt poses substantial risks for the government because it could make it harder to respond to a financial crisis through tax cuts or spending increases.

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