US national debt climbs to almost $31 trillion
by Karen Faulkner, Worthy News Correspondent
(Worthy News) – The US record-breaking national debt is now almost $31 trillion, Fox Business reports. The last US national debt milestone was in February 2020, when it exceeded a record $30 trillion for the first time.
According to a report issued Monday by the Treasury Department, the current national debt is $30.9 trillion and is expected to reach $31 trillion by the end of September, Fox Business said.
Around $24.3 trillion of the debt is held by the public, Fox Business said.
Approximately one-third of the public debt is held by foreign holders, with foreign countries accounting for around $7.4 trillion of US debt as of the end of June. The debt held by the public comprises all national debt “held by any person or entity that is not a U.S. federal government agency,” according to the Treasury Department said in its report.
This includes corporations, domestic individual investors, local or state governments, Federal Reserve banks, foreign investors, foreign governments, and other entities.
Meanwhile, $6.6 trillion of the national debt is intragovernmental holdings, including federal trust funds, revolving funds, special funds, and Federal Financing Bank securities, Fox Business reports.
Concerning the rising national debt, the nonpartisan Congressional Budget Office warned in July that it would “raise borrowing costs throughout the economy, reduce private investment, and slow the growth of economic output over time,” Fox Business reports.
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