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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