Worldwide

US National Debt Exceeds $20T After Congress, Trump Approve Debt Limit Bill

US National Debt Exceeds $20T After Congress, Trump Approve Debt Limit Bill”

The total value of the USA national debt surpassed the $20 trillion mark Friday for the first time in the history of the nation.

Trump, with the stroke of his presidential pen, increased the statutory debt last Friday by approximately $318 billion, according to the Treasury Department. Since Mr. Trump's inauguration, the debt has increased about $215 billion from around $19.94 trillion.

"From March 16 through September 7, every Daily Treasury Statement showed the total federal debt subject to the legal limit opening and closing each day at $19,808,747,000,000", CNS News reported.

Congress must periodically raise the debt limit to keep the USA government borrowing and operating.

The United States has now officially accumulated a $20 trillion debt.

The treasury defines "debt held by the public" as "all federal debt held by individuals, corporations, state or local governments, Federal Reserve Banks, foreign governments, and other entities outside the USA government less Federal Financing Bank securities" and "intragovernmental holdings" as "government account series securities held by government trust funds, revolving funds, and special funds; and federal financing bank securities".

The Hill reported Michael Peterson, president and CEO of the Peter G. Peterson Foundation, estimated that the national debt will require the government to spend $6 trillion on interest over the next 10 years.

"These policies have left Americans jobless, entrapped them in failing school systems, and diminished our military".

"This mark serves as an important reminder of the nation's unsustainable rising national debt", said the watchdog group Committee for a Responsible Federal Budget. Because Congress will have such a short time frame until it has to return to the matter of raising the debt ceiling, discussion in Washington may quickly dissolve into squabbling over that issue instead of focusing on tax reform.

"The agreement has no effect on our assessment of the government's fiscal dynamics because it does not include any provisions for additional revenue or offsetting expenditure cuts to fund the proposed disaster relief spending or, more generally, affect the budget balance", added the analysts.



Like this

loading...
loading...

Latest


11 April 2018
England All-rounder David Willey Replaces Kedar Jadhav
He has two centuries and seven half centuries to his name, which have come while playing in various T20 leagues across the world. With an experience of more than 140 T20 matches, David will prove out to be the Trump Card of Chennai Super Kings this season.

15 September 2017
Tottenham Hotspur: Pochettino delighted with Spurs 'massive' Champions League start
Their squad strength has already been tested, particularly in the last week, and the results have been hugely encouraging. The North Londoners crashed out of last year's tournament at the first stage after winning just two of six group matches.

15 September 2017
Video to come out of 1st fatal NYPD shooting since bodycams
The third officer then holds up his yellow stun gun and walks into the room as his fellow officers open fire, killing Richards. The NYPD began outfitting officers with body cameras in April, with the 47th Precinct getting the devices in early summer.

15 September 2017
Alex Smith named AFC Offensive Player of the Week
The Chiefs quarterback said that getting dumped by a team is just one of the harsh realities that comes with playing in the NFL . That's the thing; you cease to be this developmental project. "That's the nature of the business at this point anyway".

15 September 2017
Quarterly Financial Watch for Cabot Oil & Gas Corporation (NYSE:COG)
OLD Mutual Customised Solutions Proprietary Ltd. boosted its stake in Cabot Oil & Gas Corporation by 83.8% during the 1st quarter. Castleark Management Ltd Liability Corp owns 0.04% invested in Cabot Oil & Gas Corporation (NYSE: COG ) for 51,970 shares.

15 September 2017
Sealed Air Corporation (SEE) Shares Bought by Oppenheimer & Co. Inc
Jefferies Group LLC decreased their price target on Sealed Air Corporation to $45.00 in a research note on Friday, February 10th. COPYRIGHT VIOLATION WARNING: This news story was originally reported by TrueBlueTribune and is owned by of TrueBlueTribune.

14 September 2017
Dr Achutha Reddy murder: Suspect held, has Hyderabad roots
Police told ABC News that according to an office manager, Dutt "was in the business for a short time". Wichita police plan to present the case to the Sedgwick County District Attorney's Office Friday.

14 September 2017
Suzuki plans ₹1151-cr lithium-ion battery unit at Gujarat facility
Batteries will be mounted on hybrid vehicles manufactured in India and then the products will be exported. It may be recalled that the Hansalpur-based plant is Suzuki Motor Corp's first wholly-owned unit in India.

14 September 2017
Laredo Petroleum, Inc. (LPI)
Its down 0.03, from 0.86 in 2016Q3. (NASDAQ:USAT), its shares were trading at $5.25 a retreat of $-0.2, on the trading floor. Public Employees Retirement System of OH grew its position in shares of Laredo Petroleum by 3.9% in the 2nd quarter.

23 June 2017
Marvel Looks To Shake Its Poor Gaming Reputation
The games are well designed with attractive graphics and extensive content, but neither is viewed as a flawless experience. These games tend to be actually well done for what they are, and in a way they’ve been the pride of Marvel gaming.