Summary
The U.S. national debt has increased to over $38 trillion, just two months after reaching $37 trillion, amid ongoing government shutdown concerns. This rapid debt growth is leading to debates about the country's economic stability and potential impacts on U.S. citizens' finances. Government leaders are discussing possible reforms to manage the rising debt and address related fiscal challenges.
Key Facts
- The U.S. national debt has exceeded $38 trillion for the first time.
- The debt increased from $37 trillion to $38 trillion in just two months.
- This is the fastest debt increase of $1 trillion outside of the COVID-19 pandemic period.
- The Joint Economic Committee calculated that the debt increased by nearly $69,714 per second over the past year.
- Treasury Secretary Scott Bessent stated the deficit from April to September was $468 billion, the lowest since 2019.
- President Trump has reportedly reduced the deficit by $350 billion through decreased spending and increased revenue.
- The national debt is the total amount owed by the government after years of deficits, while the deficit measures yearly spending over revenue.
