US national debt surpasses 37 trillion USD: Treasury Department
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The latest Treasury Department data showed that gross national debt had hit $37,004,817,625,842.56
(Reuters) – The US federal government's total public debt had surpassed 37 trillion US dollars for the first time as of Tuesday afternoon, according to the latest data released by the Treasury Department.
The latest Treasury Department data showed that the gross national debt had hit 37,004,817,625,842.56 US dollars as of Tuesday afternoon.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said that the US fiscal situation is severely imbalanced. To make matters worse, this year alone, one trillion US dollars has been spent on interest costs, which have now become the second-largest expenditure in the federal budget, surpassing those for defense budget and health insurance.
MacGuineas stressed that the federal government has not taken steps to address the issue, allowing the situation to worsen.
