US national debt at new record: approaches $31 trillion and continues to rise

(ORDO NEWS) — The US national debt is close to exceeding $31 trillion for the first time in history, according to Fox News.

According to figures released last week by the Treasury Department, the country’s national debt stands at $30.9 trillion and could reach $31 trillion as early as this month.

The new frontier is just around the corner, despite President Biden talking about a sharp decline in the annual budget deficit - the difference between how much the government spends and receives in taxes in a year.

In 2020, as COVID-19 led to an economic downturn and a spike in federal spending, the government set a record by spending $3.1 trillion more than it received. In 2021, the budget deficit fell to 2.8 trillion.

By the end of the current fiscal year - September 30 - this figure is expected to be about one trillion dollars.

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