The Biden administration’s ceaseless borrowing addiction has driven gross national debt past $31 trillion for the first time amid record inflation, rising interest rates, and fears of a looming recession.
The United States’ public debt closed at $31.1 trillion on Monday, according to Treasury Department data published Tuesday.
The milestone comes as the Federal Reserve continues to hike interest rates to fight the highest inflation in 40 years, and as the government borrows money to finance tax cuts even as it sends billions of taxpayer dollars offshore to Ukraine in aid.
The milestone comes as the Federal Reserve continues to hike interest rates to fight the highest inflation in 40 years, and as the government borrows money to finance tax cuts even as it sends billions of taxpayer dollars offshore to Ukraine in aid.
It’s official. The #NationalDebt has now surpassed $31 trillion.
— Peterson Foundation (@pgpfoundation) October 4, 2022
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