National debt tops $21 trillion for first time ever [View all]
Source: CBS news
About a year ago, President Trump pledged to eliminate the national debt "over a period of eight years." But for the first time in history, the national debt surpassed $21 trillion this week, according to the U.S. Treasury.
The landmark comes shortly after Congress passed, and Mr. Trump signed, a suspension on the federal debt limit last month, allowing the government to borrow an unlimited amount of money until March 1, 2019.
When Mr. Trump took office on Jan. 20, 2017, the national debt was $19.9 trillion, according to U.S. Treasury data. Since then, the GOP-led Congress has passed a $1.5 trillion tax cut bill and a two-year spending deal which, together, are expected to drive the deficit and debt further upward. The Committee for a Responsible Federal Budget estimates annual deficits could top $2.1 trillion per year in the next decade, which would send the national debt soaring even higher.
Republicans railed against the national debt level under the Obama administration, when it jumped from $10.6 trillion to $19.9 trillion, nearly doubling, but few have been as outspoken about the situation with Republicans controlling Capitol Hill and the White House. Sen. Rand Paul, R-Kentucky, held up the spending bill last month on the Senate floor, blistering Republicans for doing exactly what they had criticized the Obama administration for doing.
Read more: https://www.msn.com/en-us/news/politics/national-debt-tops-dollar21-trillion-for-first-time-ever/ar-BBKllcc?ocid=spartandhp
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