US Sets New Record With National Debt

US Sets New Record With National Debt

(AbsoluteNews.com) – When COVID-19 spread across America and states began shutting down, the federal government jumped into action to prop up the economy. Unfortunately, its policies caused the national debt to soar. One year into President Joe Biden’s first term, it’s clear he doesn’t intend to bring it down.

On Tuesday, February 1, Treasury Department data revealed the national debt was $30.01 trillion as of January 31. That’s a $7-trillion increase from January 2020, before the pandemic began. The latest numbers are the first time the national debt has risen above $30 trillion.

The increase is largely the result of government spending during the pandemic. President Donald Trump’s administration and Congress worked hard to keep the economy above water after COVID-19 began its assault on the country. Lawmakers passed multiple stimulus bills to try to keep the American people and businesses from suffering. Shortly before leaving office, Trump signed one final stimulus bill and believed it was enough to help get people over the final hurdle.

When President Joe Biden came into office, one of the first things he did was sign the massive $1.9-trillion American Rescue Plan many experts didn’t think was necessary. Since then, he has indicated he wants to spend trillions more passing the partisan Build Back Better plan. Although the 46th president isn’t to blame for the entire $7-trillion increase in the national debt, it’s very clear he wants to spend all of the money he possibly can – whether we have it or not.

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