The national debt reaches a record of 37 billions of dollars, years earlier than pre-countryic projections

The update of 37 billions of dollars is in the last report of the Treasury department issued on Tuesday which records the daily finances of the country.

The national debt overshadowed 37 Billions of years earlier than pre-Pandemic projections. The Congressional Budget Office’s January 2020 Had Gross Federal Debt Eclipsing $ 37 Trillion after tax Year 2030. But the debt grew faster thanpect of a multi-yy kavid-9 pandemic starting in 2020 that Shut Down Much of the Us Economy, where the Federal Govern Heavily Under then-President Donald Trump and Train President Joe Biden to Stabilize The National Economy and Support A Recovery.

And now more public spending has been approved after Trump signed the legislation on the reduction of Republicans and the expenses of Republicans earlier this year. The law should add $ 4.1 billions of dollars to national debt over the next decade, according to estimates of the Congressional Budget Office.

The president and chief executive officer of the Peterson G. Peterson Foundation, Michael Peterson, said in a press release that the government’s loan exerts higher pressure to interest rates, “by adding costs for everyone and reducing the investment of the private sector. In the federal budget, the debt develops significant priorities and creates a harmful cycle of more loan, more costs of interest and even more loans. ”

Wendy Edelberg, a principal researcher in economic studies at the Brookings Institution said that the congress played a major role in setting in motion spending and income and the result of the Republican tax law “means that we are going to borrow a lot in 2026, we will borrow a lot in 2027, and he will continue.”

The government’s liability office describes some of the impacts of the increase in public debt on Americans – including higher loan costs for things such as mortgages and cars, wages lower than companies with less money and more expensive goods and services.

Peterson underlines how the stages of billions of dollars “accumulate at a quick pace”.

The United States reached 34 billions of dollars in debt in January 2024, 35 dollars billions in July 2024 and 36 billions of dollars in November 2024. “We are now adding one more national debt every 5 months,” said Peterson. “It is more than twice as quickly as the average rate in the past 25 years.”

The joint economic committee estimates that the current average daily growth rate, an increase of $ 1 billion to debt would be reached in about 173 days.

Maya Macguineas, president of the responsible federal budget committee, said in a statement that “, let’s hope, this step was sufficient to awaken political decision-makers to reality that we have to do something, and we have to do it quickly.”