The latest data from the Treasury Department shows that the US gross national debt has exceeded $26 trillion for the first time, as the nation grapples with economic relief from the Covid-19 pandemic.
National debt is up from $23.5 trillion in March, with an increase of $1 trillion since May 5. According to CBS News, citing data from the Treasury, public debt has grown by $6 trillion since President Donald Trump took office in 2017.
“The Treasury Department notes that the growth in public debt was caused by the allocation of funds for the COVID-19 pandemic counteraction program and the pandemic-related tax deferral,” CBS reported.
The US government has allocated trillions of dollars in coronavirus relief since the start of the pandemic. The so-called CARES Act (Coronavirus Aid, Relief and Economic Security) was adopted in March and earmarked $2 trillion, while the $3 trillion HEROES Act (Health and Economic Recovery Omnibus Emergency Solutions) was passed by the House of Representatives in May.
According to the Treasury’s monthly report, the federal government budget deficit for the first eight months of the current fiscal year (which started on 1 October 2019) has reached $1.88 trillion – already higher than any full fiscal year deficit in US history.
The 2020 eight-month deficit more than doubled the $738.6 billion deficit for the same period in the 2019 fiscal year.
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