https://sputnikglobe.com/20220202/us-national-debt-hits-record-high-of-over-30-trillion-treasury-department-says-1092674919.html

US National Debt Hits Record High of Over $30 Trillion

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MOSCOW (Sputnik) - The national debt of the United States has reached a record high of $30.012 trillion amid a significant increase in government borrowings... 02.02.2022, Sputnik International

2022-02-02T06:06+0000

2022-02-02T14:04+0000

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The debt shows almost a $7 trillion rise compared with late January 2020, when COVID-19 had not yet hit the US economy.Financial experts interviewed by US media said the new maximum was reached several years earlier than the country's authorities predicted as a result of trillions spent on fighting the pandemic. According to the New York Times, the additional expenses in recent years included increased amounts of the unemployment benefit, enhanced support for small businesses and incentive payments.Some economists argue that the record US national debt does not indicate a problem, since the country's economy continues to grow despite the COVID-19 pandemic, and the interest rate remains low.

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US National Debt Hits Record High of Over $30 Trillion

06:06 GMT 02.02.2022 (Updated: 14:04 GMT 02.02.2022)

© AP Photo / Patrick SemanskyThis June 6, 2019, file photo shows the U.S. Treasury Department building at dusk in Washington. The U.S. Treasury has removed Vietnam and Switzerland from the list of nations labeled as currency manipulators, reversing a decision made by the Trump administration in December

This June 6, 2019, file photo shows the U.S. Treasury Department building at dusk in Washington. The U.S. Treasury has removed Vietnam and Switzerland from the list of nations labeled as currency manipulators, reversing a decision made by the Trump administration in December - Sputnik International, 1920, 02.02.2022

MOSCOW (Sputnik) - The national debt of the United States has reached a record high of $30.012 trillion amid a significant increase in government borrowings due to the COVID-19 pandemic and additional costs of supporting health care, according to data released by the US Department of the Treasury.

The debt shows almost a $7 trillion rise compared with late January 2020, when COVID-19 had not yet hit the US economy.

Financial experts interviewed by US media said the new maximum was reached several years earlier than the country's authorities predicted as a result of trillions spent on fighting the pandemic. According to the New York Times, the additional expenses in recent years included increased amounts of the unemployment benefit, enhanced support for small businesses and incentive payments.

Some economists argue that the record US national debt does not indicate a problem, since the country's economy continues to grow despite the COVID-19 pandemic, and the interest rate remains low.