Economy

U.S. National Debt Hits Record $30 Trillion

The national debt surpassed $30 trillion for the first time Tuesday, driven in part by federal spending during the pandemic.

U.S. National Debt Hits Record $30 Trillion
Virginia Mayo / AP
Article by Scripps News Staff
SMS
February 2, 2022

The United States national debt hit a new record Tuesday, topping $30 trillion, according to the Treasury Department. That's a nearly $7 trillion increase since January 2020, just before the pandemic hit.

State Of The U.S. Economy One Year Into The Biden Administration

State Of The U.S. Economy One Year Into The Biden Administration

The economy is a top concern for many Americans as they feel the brunt of record-high inflation and supply chain snarls under President Biden.

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At least $5 trillion of that debt comes from federal spending on programs during the pandemic like jobless benefits, support for small businesses and stimulus payments.

Economists say current levels of U.S. borrowing aren't sustainable and could affect how the government is able to handle future economic crises.