Another Biden record. US Debt surpasses $31 trillion for the first time ever.
For the first time in US history, the national debt has surpassed $31 trillion.
The U.S. national debt has passed $31 trillion for the first time in history.
Treasury Department data released Tuesday showed that the total national debt was $31.123 trillion as of Monday.
The new milestone was reached even as the federal government’s insatiable spending has slowed considerably as the COVID-19 pandemic has waned. In the months following the outbreak, the national debt rose by $1 trillion in just a month’s time — not just once but twice in 2020.
As a result, the federal government spent $3.1 trillion more than it received in 2020, and it spent $2.8 trillion more than it received the following year.
Biden’s policies will increase the national debt for years to come.
The Presidents with the largest percent increase in the national debt are below. Three are Democrats.
FDR increased the debt dramatically in the 1930s and Barack Obama increased debt the most (by $8.6 trillion).
Biden is on track to increase the debt by trillions more in the years ahead.
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