America’s National Debt Passes $31 Trillion Dollars For First Time In History

America’s national debt has now climbed past $31 trillion dollars.

Democrats love historic firsts, so let the record show that this happened on Joe Biden’s watch.

Joe has spent an astounding amount of money in two short years as president.

The New York Post reports:

US national debt surpasses $31 trillion for the first time in history

The US national debt has passed $31 trillion for the first time in history.

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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.

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In 2022, the budget deficit is expected to be about $1 trillion. Some experts believe $1 trillion per year in new debt is the floor given growth in entitlement spending as well as new spending priorities set by Congress this year. Those priorities include the health and environmental policy bill known as the Inflation Reduction Act and assisting Ukraine in its war with Russia.

While much of the drop in the annual budget deficit is due to the easing of emergency COVID spending, President Biden has praised his administration for slowing the rate at which the government accumulates new debt.

Thanks Brandon.

Will Biden stop trying to spend big bucks now? Probably not.

 

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