National Debt Surpasses $30 Trillion With No Signs of Slowing Down

The U.S. national debt has surpassed $30 trillion according to the latest data released by the Treasury Department, marking a new milestone as government spending and borrowing continues to surge. (Photo Illustration)

(FOX BUSINESS) – The U.S. national debt has surpassed $30 trillion according to the latest data released by the Treasury Department, marking a new milestone as government spending and borrowing continues to surge.

The new record is for the government’s total debt outstanding, which includes $23.487 trillion in debt held by the public and another $6.525 trillion in intra-government debt such as federal trust funds and other accounts.

Spending by Congress was already increasing at a steady clip for years before the coronavirus sparked a borrowing surge of $5 trillion in pandemic relief that exacerbated the rate.

“$30 trillion in debt is an obscene number, but what’s even more depressing is the fact that most politicians in both parties don’t really care,” Sen. Ben Sasse, R-Neb., said in a statement on the milestone. “Someone is going to have to pay that money when these politicians are long gone, and — spoiler alert — it won’t be paid by them but instead by our kids.”

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