The U.S. government’s gross national debt has climbed past $37 trillion, a record-breaking milestone that underscores the rapid growth of America’s fiscal obligations and the mounting cost pressures on taxpayers.
The Treasury Department confirmed the figure Tuesday in its latest daily financial report.
In January 2020, the Congressional Budget Office (CBO) estimated that gross federal debt would not surpass $37 trillion until after fiscal year 2030. However, a combination of unprecedented federal borrowing during the COVID-19 pandemic and more recent spending measures has pushed the nation to that threshold far sooner. The pandemic, which began in 2020, prompted both the Trump and Biden administrations to approve trillions in emergency relief to stabilize a shuttered economy and aid recovery.
Newsweek has reached out to the Treasury Department via email on Tuesday night for comment.
