First time ever, the US national debt has surpassed $31 trillion.
The overall national debt was $31.123 trillion as of Monday, according to data from the Treasury Department provided on Tuesday.
Even if the federal government’s voracious spending has significantly decreased as the COVID-19 pandemic has subsided, the new milestone has still been achieved.
The national debt increased by $1 trillion in just one month in the months after the outbreak, twice in 2020.
The federal government spent $3.1 trillion more in 2020 than it received, and $2.8 trillion more the following year.
The projected budget deficit for 2022 is $1 trillion.
