Economy
National Debt Rises Above $21 Trillion for the First Time
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For the first time in the history of the United States, the national debt has exceeded $21 trillion, according to the U.S. government. The last milestone, $20 trillion, was hit back in September 2017. Although, this debt could climb even higher due to recent actions by the president and Congress.
In February, the president signed a debt-limit suspension, allowing for unlimited borrowing until March 1, 2019. Economists are expecting the United States to run wider budget deficits due to the tax cuts signed into law in December.
It’s worth noting that this most recent increase in the national debt does not include any impact from the recent Tax Cuts and Jobs Act, enacted in January.
The government had a monthly deficit of $215 billion in February, up 12% from the same month last year due to lower revenue and higher spending.
In terms of the breakdown, the debt held by the public came in at $15.36 trillion, while intragovernmental holdings totaled $5.68 trillion. Together these total just over $21 trillion.
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