The US national debt has reached a record level of $21,516 trillion. Such an increase occurred for the first time, experts say.
The US public debt rose by $1.2 trillion in the 2018 fiscal year, which ended on September 30. Monetary borrowing grew from $20 trillion to $21 trillion in about six months. Experts predict that the budget deficit will surpass $1 trillion by 2020 and beyond. The main reason for such forecasts is that expenses of Donald Trump's administration remain uncontrolled, The Washington Examiner wrote, citing statements by representatives of the Conservative party in the US Congress. They believe that this could lead to even greater deficits.
In August 2018, members of the US Congress presented a report on government loans for the first eleven months of the 2018 fiscal year. Federal borrowing totaled $895 billion, an increase of $222 billion over the same period a year ago. During the presidency of Barack Obama, the country's public debt rose by more than $9 trillion, reaching $20 trillion. According to American economists, this figure can hit $30 trillion by 2026. Earlier, US President Donald Trump claimed that the funds received from the US duties will be used to repay the country's public debt.
