Bi-partisan deal? It was more like a DEM deal.
National debt hits $32 trillion two weeks after debt ceiling dealThe U.S. national debt hit $32 trillion for the first time ever this week.
Treasury Department data released Friday said federal borrowing crossed the $32 trillion mark on Thursday, less than two weeks after President Biden signed legislation into law that suspended the debt ceiling. That bill, which also included tens of billions in spending cuts demanded by House Republicans, will allow the government to borrow whatever it wants until the end of 2024, when the debt ceiling suspension ends.
When Biden signed the bill into law on June 3, the total national debt stood at $31.47 trillion. On the first business day after the debt ceiling was suspended, federal borrowing jumped nearly $400 billion, reflecting pent-up borrowing needs such as payments to federal worker retirement plans that the Treasury Department delayed in order to avoid breaching the ceiling.
As of Thursday, the national debt stood at $32.04 trillion.................
Recent passage of the costly Inflation Reduction Act, ongoing military aid to Ukraine and the broad resistance in Congress to significant spending cuts are expected to push the annual budget deficit closer to $2 trillion in the coming years.
Additionally, higher interest rates caused by the Federal Reserve are expected to make interest payments on the national debt more costly than they have been in decades, which means even more borrowing will be needed to stay current on those payments.......................
https://www.foxbusiness.com/politics/national-debt-hits-32-trillion-debt-ceiling-deal
