America’s public debt keeps growing. For the first time in history, the US gross national debt has surpassed $31 trillion. At the same time, the White House says that it is satisfied with the budget deficit and debt forecasts made by the Biden administration.
According to the Treasury Department, the US national debt has hit a record high. This is a major concern that undermines the reputation of Joe Biden. Notably, during his election race, the US president solemnly promised to cut the federal budget deficit by $1 trillion within a decade. However, the deficit has increased to nearly $5 trillion since the start of his presidential term. Despite this, US officials continue to deny the existence of this problem. According to White House economic adviser Jared Bernstein, the US fiscal policy makes critical investment and financial responsibility very attractive. "So many of the concerns we’ve had about our growing debt path are starting to show themselves as we both grow our debt and grow our rates of interest," Michael Peterson, the chief executive officer of the Peter G. Peterson Foundation, noted.
To be more precise, as of the start of the week, the total outstanding US national debt stands at $31,123,887,781,401. The bulk of the debt worth over $24 trillion is held by individuals. The amount of about $7 trillion represents cash borrowed by the United States from foreign governments.
