America’s National Debt Just Hit a Milestone

The news comes from Treasury Department data that was published yesterday.

America’s national debt just hit a milestone…passing 30 trillion dollars for the first time ever. The news comes from Treasury Department data that was published yesterday. Government borrowing sped up during the pandemic as Washington spent to lessen the economic impact of the crisis. Since the end of 2019 the national debt has surged by about seven trillion dollars. It comes as borrowing costs are expected to rise even higher. That’s because the Federal Reserve is expected to raise interest rates. Some experts have noted that rising borrowing costs will limit how much money the government can spend on other priorities.