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US debt surpasses $23 trillion for first time

Sunday, November 3, 2019 | Tag Cloud Tags: , , , ,

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(Worthy News) - The federal government's outstanding public debt has surpassed $23 trillion for the first time in history, according to data from the Treasury Department released on Friday.

Growing budget deficits have added to the nation's debt at a speedy rate since President Trump took office. The debt has grown some 16 percent since Trump's inauguration, when it stood at $19.9 trillion. It passed $22 trillion for the first time just 10 months ago.

Of the $23 trillion figure, just under $17 trillion was in the category of debt held by the public, which is a more useful gauge of the debt the government has to pay down, and the number typically used in calculating the nation's debt burden. The other $6 trillion comes from loans within government bodies. [ Source: The Hill (Read More...) ]

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