July 10, 2023 1:38pm EDT
Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law
Total national debt now sits at $32.47 trillion and counting
By Peter Kasperowicz | Fox News
The U.S. national debt has increased by $1 trillion in the five weeks since President Biden signed a bill into law that effectively turns off the debt ceiling until 2025.
According to Treasury Department data, the total national debt stood at $32.47 trillion on July 6, $1 trillion more than the $31.47 trillion level last seen on June 2. The national debt had been stuck at or near that June 2 level for months because the government had hit the debt ceiling and was legally prohibited from borrowing any more money.
On June 3, however, Biden signed legislation reflecting negotiations with House Republicans that requires a small spending cut next year and allows unlimited federal borrowing until 2025. With no debt ceiling in effect, federal borrowing jumped more than $350 billion in a single day and crossed the $32 trillion mark in less than two weeks.
That quick increase reflected pent-up demand for borrowing that the government delayed while the debt ceiling deal was being negotiated.
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https://www.foxnews.com/politics/national-debt-explodes-higher-biden-signs-debt-ceiling-deal
