The gross national debt has surpassed $22 trillion for the first time in the U.S. history, according to Treasury data released on Tuesday.
“This milestone is another sad reminder of the inexcusable tab our nation’s leaders continue to run up and will leave for the next generation,” said Judd Gregg and Edward Rendell, Co-Chairs of the debt watchdog group Campaign to Fix the Debt.
Deficits have soared under President Trump, spurned on by the GOP tax law, bipartisan spending increases, and the forward momentum of mandatory spending programs such as Medicare and Social Security. Tuesday’s estimate put the total outstanding public debt at $22.013 trillion,
The Congressional Budget Office projected that annual deficits would surpass $1 trillion a year starting in 2020 assuming current spending and revenue policies remain in place.
Budget watchdogs say spiking levels of debt can inhibit economic growth.
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