Worthy Christian News » US News » National debt hits $20 trillion for first time in history
National debt hits $20 trillion for first time in history
Tuesday, September 12, 2017 | Tag Cloud Tags: debt, Federal Reserve, Media, News, Trump, Worthy News
Federal Reserve Chairman Janet Yellen, referencing the Congressional Budget Office's long-term budget projections, told the Joint Economic Committee of Congress today that under current policies the federal government’s deficits “will rise to unsustainable levels.”
(Worthy News) - The national debt exceeded $20 trillion for the first time ever on Friday, the same day President Trump signed a bill into law that suspended the debt ceiling and allowed unlimited federal borrowing.
The debt ceiling had been frozen at about $19.84 trillion since mid-March, and the Treasury Department was forced to use "extraordinary measures" to prevent borrowing from exceeding that level.
But with Trump's signature on Friday, the debt ceiling was suspended, and the Treasury Department immediately began borrowing money to fill the more than five months of pent-up demand. [ Source (Read More...) ]
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It is sad to say, but the relentless hurricane attacks in two of the richest and populated States of the Union will be adding more debt to the nation.