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The U.S. government’s gross national debt has surpassed a record of $37 trillion, The Associated Press reported citing the latest Treasury Department report.
The US national debt eclipsed $37 trillion years sooner than pre-pandemic projections, according to the report. The Congressional Budget Office’s January 2020 projections had gross federal debt eclipsing $37 trillion after fiscal year 2030. But the debt grew faster than expected because of a multi-year COVID-19 pandemic starting in 2020 that shut down much of the U.S. economy, where the federal government borrowed heavily under then-President Donald Trump and former President Joe Biden to stabilize the national economy and support a recovery, according to The Associated Press.