National debt hits new milestone, topping $22 trillion

National debt hits new milestone, topping $22 trillion

National debt hits new milestone, topping $22 trillion

The US national debt has climbed above $22 trillion.

The Treasury Department estimated the national debt reached $22.01 trillion, up $30 billion from the previous month. It stood at $19.95 trillion when President Donald Trump took office on January 20, 2017.

The debt figure has been rising since the passage of Trump's $1.5 trillion tax cut in December 2017, and the action by Congress previous year to increase spending on domestic and military programs.

Republican John Kasich, former OH governor, sent a tweet of astonishment Tuesday evening, showing a photo of him in front of a debt clock: "This photo was taken February 3, 2016 while campaigning in New Hampshire".

WASHINGTON (AP) - The national debt has passed a new milestone, topping $22 trillion for the first time.

More bad news came from the Federal Reserve Bank of NY, which published the USA household debt and credit report on Tuesday showing the private debt of Americans reached the record $13.5 trillion at the end of 2018.

In December, Kasich told Fox News he was "actively considering" mounting a primary challenge to Trump in the 2020 election.

The national debt is the total of America's annual budget deficits. It is projected to continue rising by a trillion each year over the next decade, due to the cost of pensions and medical care for the retiring Baby Boomers.

The CBO projected that the deficit will keep rising in coming years and will top $1 trillion annually beginning in 2022 and never drop below $1 trillion through 2029.

Team Trump contends that its tax cuts will eventually pay for themselves by generating faster economic growth - an assertion rejected by economists from both the left and right. That projection has been disputed by some economists.

Still, some budget experts warn that ever-rising federal debt poses substantial risks for the government because it could make it harder to respond to a financial crisis through tax cuts or spending increases.

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