The US Treasury Department has reported that the United States borrowed $1.07 trillion in the first six months of fiscal year 2024. The figure was reported in the Department’s latest Monthly Treasury Statement released on Wednesday.
The U.S. Treasury reports that the federal government’s debt has risen by $2,452,444,126,108.25 since the previous Thanksgiving.
The Senate approved a stopgap spending bill with an 87-11 vote on Wednesday night, securing government funding until early next year averting a government shutdown.
Moody’s Investor Service changed its assessment of the U.S. credit rating from stable to negative, citing the ballooning national debt as an underlying factor.
Based on data from the Congressional Budget Office, a Bank of America note predicts that the U.S. government will surpass $50 trillion in debt by 2033, reported Business Insider. Simultaneously, according to the Treasury’s calculations, the total interest has eclipsed $1 trillion this year, precisely reaching $1.027 trillion, marking the first instance of crossing the trillion-dollar threshold in a single year.
The U.S. government’s deadline to raise the $31.4 trillion debt ceiling could be sooner than expected, raising the prospect of a short-term debt limit extension, analysts said Tuesday.