The US national debt just hit a new record high after the Treasury Department added $104 billion to its outstanding balance in a single day.
The Treasury’s Debt to the Penny database shows the government’s pile of debt is close to $36 trillion, clocking in at $35.951601173936 trillion.
The US shattered the $35 trillion barrier in late July.
The grim milestone comes as a study from the nonpartisan Committee for a Responsible Federal Budget shows both presidential candidates will add trillions more to the national debt.
The CRFB says a Harris presidency could add $3.5 trillion to the debt over ten years, while a Trump presidency could add 7.75 trillion in the same time frame.
However, the agency warns its models have a wide range of possible spending outcomes.
“Our estimates come with a wide range of uncertainty, reflecting both different interpretations and estimates of the policies.
Under our low- and high-cost estimates, we estimate Vice President Harris’s plan could increase debt by between $300 billion and $8.30 trillion through 2035, while President Trump’s plan could increase debt by between $1.65 and $15.55 trillion.”
The agency says its estimates reflect the “expected fiscal impact” of the policies that the candidates have laid out on their campaign websites, official announcements, white papers and social media posts.
“The national debt currently stands at 99% of Gross Domestic Product (GDP) and is projected to grow from 102% of GDP at the start of FY 2026 to 125% by the end of 2035 based on the Congressional Budget Office’s (CBO) current law baseline.
The debt will exceed its record as a share of the economy – 106% set in 1946 – in just three years. Debt would continue to grow faster than the economy under either candidates’ plans and in most scenarios would grow faster and higher than under current law.”
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https://dailyhodl.com/2024/11/04/us-treasury-adds-104000000000-to-national-debt-in-one-day-as-total-outstanding-debt-hits-record-high-at-35951000000000/
2024-11-04 18:14:01
