(CTN News) _ For the first time in history, the national debt of the United States has exceeded $31 trillion.
The total national debt was $31.123 trillion as of Monday, according to Treasury Department data.
Despite the COVID-19 pandemic waning, the federal government’s insatiable spending has slowed considerably. After the outbreak, the rose by $1 trillion in just a month – not just once, but twice.
Therefore, the federal government spent $3.1 trillion more in 2020 than it received, and $2.8 trillion more in 2101.
The national debt budget deficit is expected to be $1 trillion in 2022. Based on growth in entitlement spending and new spending priorities set by Congress this year, some experts think $1 trillion in new debt per year is the floor.
The Inflation Reduction Act and helping Ukraine fight Russia are two of those priorities.
It helps that COVID spending has been slashed, but President Biden has praised his administration for slowing the rate at which the government accumulates new debt.
Biden said in September: “Republicans talk about fiscal responsibility.” “Last year, I reduced the deficit by $350 billion.
This year, without Medicaid changes, the deficit will be one trillion seven hundred billion dollars. So I don’t want Republicans to talk about fiscal responsibility.”
The Republicans have been saying for several weeks that voters are ready for lower federal spending, which they say is a major reason for higher national debt inflation, and they have also said this issue is why the GOP should control Congress.
Rep. Chip Roy, R-Texas, tweeted after Treasury released the new national debt number that it was just $5 trillion five years ago.
Rep. James Baird, R-Indiana, added, “This is what happens when Congressional Democrats spend unchecked partisan money.” “We deserve better.”
What is the current U.S. national debt 2022?
The U.S. national debt was more than $31.12 trillion in October 2022.