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11 Jun, 2020 14:26

US national debt hits $26 TRILLION, soaring by $1 trillion just in one month

US national debt hits $26 TRILLION, soaring by $1 trillion just in one month

The latest data from the Treasury Department shows that the US gross national debt has exceeded $26 trillion for the first time, as the nation grapples with economic relief from the Covid-19 pandemic.

National debt is up from $23.5 trillion in March, with an increase of $1 trillion since May 5. According to CBS News, citing data from the Treasury, public debt has grown by $6 trillion since President Donald Trump took office in 2017.

“The Treasury Department notes that the growth in public debt was caused by the allocation of funds for the COVID-19 pandemic counteraction program and the pandemic-related tax deferral," CBS reported.

The US government has allocated trillions of dollars in coronavirus relief since the start of the pandemic. The so-called CARES Act (Coronavirus Aid, Relief and Economic Security) was adopted in March and earmarked $2 trillion, while the $3 trillion HEROES Act (Health and Economic Recovery Omnibus Emergency Solutions) was passed by the House of Representatives in May.

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According to the Treasury’s monthly report, the federal government budget deficit for the first eight months of the current fiscal year (which started on 1 October 2019) has reached $1.88 trillion – already higher than any full fiscal year deficit in US history.

The 2020 eight-month deficit more than doubled the $738.6 billion deficit for the same period in the 2019 fiscal year.

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