US Debt Tops $31 Trillion for First Time – By Yuval Rosenberg and Michael Rainey (The Fiscal Times) / Oct 4, 2022
Happy Tuesday! The Nobel Prize in Physics was awarded to three scientists who advanced our understanding of quantum mechanics and the concept of “entanglement,” or the “spooky” way that particles affect each other’s behavior — what CNN calls “a mind-boggling phenomenon when two particles behave as one and affect each other, even though they can be at a vast distance to one another, on opposite sides of the planet or even the solar system.”
In other mind-blowing developments, the national debt just topped $31 trillion — a number so large that it’s hard to comprehend. Here’s what you need to know today.
US Debt Reaches New Milestone, Topping $31 Trillion
The U.S. national debt topped $31 trillion for the first time on Monday, a milestone that comes nine months after it first hit $30 trillion.
The total public debt outstanding is now just over $31.1 trillion, according to data from the Treasury Department. Debt held by the public, which excludes intragovernmental borrowing, stands at roughly $24.3 trillion.
The latest high mark in the nation’s debt burden prompted a fresh round of warning from budget watchdogs, particularly given rising interest rates, which have been driven to levels not seen in years by the Federal Reserve’s efforts to rein in inflation.
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