The national debt of the United States has exceeded 30 trillion (30,000,000,000,000) dollars for the very first time. Figures released by the department of the treasury show the overall debt climbed to 30.1 trillion dollars at the end of January. That’s seven trillion dollars higher than the figure a year ago.
The coronavirus pandemic demanded binge borrowing by Congress to finance its COVID-19 rescue plan. However, economists also point to the Trump administration’s 1.5 trillion dollar tax cut as a major catalysts in running up the national debt.
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