US National Debt Hits $35 Trillion Milestone

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Servicing the owed interest is now the second-largest budgetary item, topping national defense outlays.

In a historic fiscal milestone for the federal government, the national debt rose to $35 trillion for the first time, according to the latest Treasury Department Debt to the Penny data.

Current debt levels are equal to $105,000 per person and $266,000 per U.S. household.

Washington accumulated another $1 trillion in debt in less than seven months. Over the past 12 months, the national debt has spiked by nearly $2.35 trillion, an average of about $6.4 billion per day.

House Budget Committee Chair Jodey Arrington (R-Texas) is calling the announcement โ€œanother dubious milestone in the fiscal decline of the most powerful and prosperous nation in its history.โ€

Since January 2021, the national debt has increased by about $7.3 trillion.

The immense growth of red ink flooding the nationโ€™s capital has captured the attention of public policymakers.

In a February interview on โ€œ60 Minutes,โ€ Federal Reserve Chair Jerome Powell conceded that the federal government is โ€œon an unsustainable fiscal path.โ€

โ€œAnd that just means that the debt is growing faster than the economy. So, it is unsustainable. I donโ€™t think thatโ€™s at all controversial,โ€ Mr. Powell said.

Two of the big three credit agenciesโ€”Moodyโ€™s Investors Service and Fitch Ratingsโ€”downgraded their outlook on the U.S. debt, citing fiscal deterioration, persistent debt ceiling negotiations, and ballooning interest payments.

When these updates were released last year, the White House disagreed with the firmsโ€™ outlooks.

โ€œWhile the statement by Moodyโ€™s maintains the United Statesโ€™ AAA rating, we disagree with the shift to a negative outlook. The American economy remains strong, and Treasury securities are the worldโ€™s preeminent safe and liquid asset,โ€ Deputy Treasury Secretary Wally Adeyemo said in a statement.

In recent months, Treasury Secretary Janet Yellen has offered mixed assessments of the countryโ€™s fiscal situation.

Earlier this year, Ms. Yellen told lawmakers, โ€œWe need to reduce deficits and to stay on a fiscally sustainable path.โ€

However, in a June 13 interview on CNBC, she said that โ€œweโ€™re in a reasonable placeโ€ as long as โ€œthe debt is stabilized relative to the size of the economy.โ€ She also referenced the real interest cost of the debt.

Byย Andrew Moran

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