National debt tops $30 trillion
Author of 'Woke, Inc.' Vivek Ramaswamy on Jack Dorsey stepping down and what this means for the future of Twitter.released by the Treasury Department, marking a new milestone as government spending and borrowing continues to surge.The new record is for the government's total debt outstanding, which includes $23.487 trillion in debt held by the public and another $6.525 trillion in intra-government debt such as federal trust funds and other accounts.
Spending by Congress was already increasing at a steady clip for years before the coronavirus sparked a borrowing surge of $5 trillion in pandemic relief that exacerbated the rate. "$30 trillion in debt is an obscene number, but what's even more depressing is the fact that most politicians in both parties don't really care," Sen. Ben Sasse, R-Neb., said in a statement on the milestone. "Someone is going to have to pay that money when these politicians are long gone, and -- spoiler alert -- it won’t be paid by them but instead by our kids."
"Ignoring the debt won't solve the crisis, it will only make things worse," Sasse added. "We need to cut the budget-busting spending sprees and do real entitlement reform."
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