National debt crosses $38 trillion for first time in history

[Coldwater]

The total national debt of the United States has hit $38 trillion, an unwelcome milestone that comes as lawmakers grapple with a looming fiscal reckoning.

The unwanted achievement comes amid a government shutdown and was reflected in the Treasury Department’s daily updates to the national debt. The federal debt per citizen has now climbed to over $110,000.

Michael A. Peterson, CEO of the Peter G. Peterson Foundation, said that the national debt is on a worrying trajectory. He pointed out that the U.S. is adding debt at a fast pace, twice as fast as the rate of growth since 2000.

“Along with increasing debt, you get higher interest costs, which are now the fastest growing part of the budget,” Peterson said. “We spent $4 trillion on interest over the last decade, but will spend $14 trillion in the next 10 years. Interest costs crowd out important public and private investments in our future, harming the economy for every American.”

Link

https://www.msn.com/en-us/politics/government/national-debt-crosses-38-trillion-for-first-time-in-history/ar-AA1OZMKu?ocid=BingNewsSerp