National Debt Rises Above $21 Trillion for the First Time
March 20, 2018 by Chris LangeFor the first time in the history of the United States, the national debt has exceeded $21 trillion, according to the U.S. government. The last milestone, $20 trillion, was hit back in September 2017. Although, this debt could climb even higher due to recent actions by the president and Congress.
In February, the president signed a debt-limit suspension, allowing for unlimited borrowing until March 1, 2019. Economists are expecting the United States to run wider budget deficits due to the tax cuts signed into law in December.
It’s worth noting that this most recent increase in the national debt does not include any impact from the recent Tax Cuts and Jobs Act, enacted in January.
The government had a monthly deficit of $215 billion in February, up 12% from the same month last year due to lower revenue and higher spending.
In terms of the breakdown, the debt held by the public came in at $15.36 trillion, while intragovernmental holdings totaled $5.68 trillion. Together these total just over $21 trillion.
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.