It has been just reported that the US debt managed to surge past $210 billion in just two weeks. Here are the latest reports about the matter below.
The US debt continues to surge
Recently released data from the government’s FiscalData platform indicates that the total amount of public debt on America’s balance sheet has reached an alarming $32.542 trillion as of July 13th.
This represents an increase of $210 billion in just two weeks and a staggering $2.03 trillion compared to one year ago.
Recent data has been released as a bipartisan group of lawmakers in the US announced the creation of a political alliance named the Bipartisan Fiscal Forum (BFF). The BFF aims to address the issue of US debt.
Representatives Scott Peters (D-CA) and Bill Huizenga (R-MI), along with eight colleagues, say their mission is centered on “sounding the alarm about our nation’s unsustainable debt trajectory and working together to get control of our fiscal future.”
“The federal government is projected to borrow nearly $20 trillion over the coming decade, with associated interest costs inhibiting our ability to prepare for and address 21st-century challenges. Net interest payments on this debt will total more than $10 trillion over this timeframe, more than we will spend on Medicaid or defense…”
The same notes also reported the following data:
“Our nation faces debt levels and interest costs that threaten our economy, and we must act as soon as possible, and we must do so collaboratively.”
About a week ago, we were also reporting the fact that the US national debt has spiked by almost a trillion dollars within just one month.
According to the recent data released by FiscalData, the total public debt outstanding of the country was at $31.467 trillion on June 2nd of this year.
You should check out the previous article that we posted in order to learn more details about this.
