National Debt Rises Above $21 Trillion for the First Time

Economy

Published: March 20, 2018 8:30 am

Last Updated: January 12, 2020 2:17 am

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.

The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)

If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%¹ today. Checking accounts are even worse.

But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn a $200 bonus and up to 7X the national average with qualifying deposits. Terms apply. Member, FDIC.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

¹https://www.fdic.gov/national-rates-and-rate-caps