US NATIONAL DEBT SURPASSES $36 TRILLION, SETTING NEW RECORD HIGH

Mon 25 November 2024:

The US national debt exceeded the mark of $36 trillion and updated the historical maximum, according to the US Treasury Department. This is the largest national debt in the world in nominal terms, and it has increased by $2 trillion since the beginning of the year.

As of November 21 (the last day for which statistics are available), the national debt was just over $36,034,994,586,981, Sputnik reported.

The US national debt is the amount owed by the federal government to creditors. The latter can be individuals, such as American citizens or small foreign investors, as well as states and large endowments.

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The national debt is divided into two parts: intragovernmental and public. Intragovernmental debt is debt owed to various government agencies, such as pension funds. It makes up about 20% of the total debt, and as of November 21, it was $7.3 trillion. Public debt is owed to private entities, individuals, and foreign countries. It makes up the remaining 80% of the debt, or nearly $28.7 trillion as of November 21.

On January 3, 2024, the US national debt exceeded $34 trillion for the first time. In nominal terms, the US national debt is the largest in the world.

“While $36 trillion in gross debt is certainly sobering, what’s even more concerning is the underlying fiscal challenges we face and the lack of seriousness with which our elected leaders are addressing them,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget (CRFB), told FOX Business.

“The national debt is on course to reach a new record share of the economy within the next presidential term, interest costs are exceeding what we spend on nearly every line item in the budget, and our trust funds are heading towards insolvency and automatic benefit cuts, all because of our inaction,” MacGuineas said. “Instead of treating these milestones as mundane, lawmakers should prioritize putting forward plans to get us on a more sustainable fiscal path.”

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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