(TheRedAlertNews.com) – The United States government, on President Joe Biden’s watch, has set a new national debt record as the national debt has climbed over $31 trillion for the first time.
Data released by the Treasury Department revealed that America’s total national debt stood at $31.123 trillion.
The Biden administration brought the new record high debt even though the “insatiable spending” of the federal government during the coronavirus pandemic has subsided, Fox News said in a report.
It stressed that during the pandemic, there were two months in which the national debt spiked by $1 trillion.
Thus, in 2020, the first pandemic year, the US government’s spending exceeded its revenues by $3.1 trillion, and in 2021 – by $2.8 trillion.
The federal budget deficit for 2022 is forecast to reach about $1 trillion even though the pandemic with its relief packages seems to be winding down.
“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,” the report pointed out, noting that such priorities include health and environmental policy set by the recently adopted Inflation Reduction Act.
President Joe Biden has recently lauded his administration, claiming that it has slowed down the national debt growth rate.
“Republicans talk about being fiscally responsible. Last year, I reduced the deficit by $350 billion. You know how much this year, not counting the Medicaid changes? One trillion seven hundred billion dollars,” he stated in September.
“So, I don’t want to hear it from Republicans about fiscal responsibility,” Biden added.
Shortly after Treasury published the new number, Rep. Chip Roy (R-TX) tweeted that the national debt was “$21 trillion just 5 years ago. Think about that.”
“This is what happens when Congressional Democrats engage in unchecked partisan spending — and hardworking Americans are paying the price. The American people deserve better,” tweeted Rep. James Baird (R-IN).
The national debt passed the 30-trillion-dollar threshold just back in February this year, barely seven months ago.
“So many of the concerns we’ve had about our growing debt path are starting to show themselves as we both grow our debt and grow our rates of interest. Too many people were complacent about our debt path in part because rates were so slow,” commented Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
BREAKING NEWS: National debt surpasses $31T for first time https://t.co/JrR4XEysTn
— Fox News (@FoxNews) October 4, 2022