National debt passes $22 trillion for first time in history

NEW YORK POST:

The soaring national debt has passed a new milestone, topping $22 trillion for the first time in US history.

The Treasury Department’s daily statement showed Tuesday that total outstanding public debt was $22.01 trillion compared to $19.95 trillion when President Trump took office in January 2017.

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 last year to boost spending
on domestic and military programs.

Michael Peterson, head of the Peter G. Peterson Foundation, a think tank that advocates fiscal responsibility, said the new number was a warning.

“Our growing national debt matters because it threatens the economic future of every American.” he said.

Peterson said that interest on the national debt already costs more than $1 billion daily, and “as we borrow trillion after trillion, interest costs will weigh on our economy and make it harder to fund important investments for our future.”

The national debt is the total of America’s annual budget deficits.

The Congressional Budget Office projected this year’s deficit will be $897 billion, which would be a 15.1 percent increase over last year’s imbalance of $779 billion.

The CBO projected that the deficit will keep rising in coming years and will top $1 trillion annually beginning in 2022 and never drop below $1 trillion through 2029.

More at the NY Post

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