America’s national debt has surpassed $30 trillion for the first time in history, the Treasury Department said this week. The federal government exceeded the troubling threshold following a wave of…
includes intragovernmental debt, or money the federal government owes to itself, such as through Social Security trust funds. It also includes debt held by public entities such as businesses, pension plans and insurance companies.
The US government exceeded the $30 trillion threshold much faster than expected. In 2020, the nonpartisan Congressional Budget Office predicted it would not occur until 2025. “Our high and rising debt makes us less prepared for the next pandemic, less secure against future adversaries, less resilient to the changing climate, and less able to build the strong and inclusive economy that we all want for the next generation,” Peterson added.
In December, Democratic moderate Sen. Joe Manchin of West Virginia, a key holdout, cited the federal government’s “staggering debt” as a key factor in his decision to oppose the legislation.
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