US national debt hits record, rising US$400bil in two months
Based on current growth rates, analysts projected that the US national debt could exceed US$50 trillion by 2030.
The US national debt surged by nearly US$400 billion over the past two months, reaching a record high of US$40.4 trillion, according to recent data from the US Treasury Department. This increase follows the debt surpassing the previous record of US$40 trillion on August 19. Government borrowing, which has risen by 1% since the end of August, contributed to the steep rise, pushing the debt to US$40.396 trillion as of October 19.
Experts predict that the national debt could surpass the US$50 trillion mark by 2030, based on current growth trends. The Congressional Budget Office further estimates that federal debt will be 20% higher than the Gross Domestic Product by 2036.
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