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| US debt surpasses historical $20 trillion | US debt surpasses historical $20 trillion |
| (about 4 hours later) | |
| The United States has now officially accumulated a $20 trillion debt. The ceiling was broken after the White House allowed the Treasury to borrow more money. | The United States has now officially accumulated a $20 trillion debt. The ceiling was broken after the White House allowed the Treasury to borrow more money. |
| As of Tuesday, the American national debt stood at $20.16 trillion, according to the US Debt Clock website. This is almost $62,000 per person and over $167,000 per tax payer. | As of Tuesday, the American national debt stood at $20.16 trillion, according to the US Debt Clock website. This is almost $62,000 per person and over $167,000 per tax payer. |
| The debt number had been stagnant since March due to the debt ceiling, as the US Treasury faced a temporary ban on further borrowing. | The debt number had been stagnant since March due to the debt ceiling, as the US Treasury faced a temporary ban on further borrowing. |
| On Friday, President Donald Trump signed a law to suspend the debt ceiling until December 8. The Treasury can now borrow freely till that date. Since Trump's inauguration, the debt has increased about $215 billion from around $19.94 trillion. | On Friday, President Donald Trump signed a law to suspend the debt ceiling until December 8. The Treasury can now borrow freely till that date. Since Trump's inauguration, the debt has increased about $215 billion from around $19.94 trillion. |
| The largest budget items are healthcare, social security, and defense. | The largest budget items are healthcare, social security, and defense. |
| The Congressional Budget Office (CBO), a federal agency that provides budget and economic information to Congress, said federal debt held by the public is now at its highest level since shortly after World War II. | The Congressional Budget Office (CBO), a federal agency that provides budget and economic information to Congress, said federal debt held by the public is now at its highest level since shortly after World War II. |
| If current laws stand, widening budget deficits will increase that debt sharply in the next 30 years; the deficit would reach 150 percent of GDP in 2047, the CBO predicts. | If current laws stand, widening budget deficits will increase that debt sharply in the next 30 years; the deficit would reach 150 percent of GDP in 2047, the CBO predicts. |
| According to the agency, mounting debt increases government interest costs, puts additional pressure on the budget, and improves the chances of a fiscal crisis. | |
| Total American debt (the combination of government, business, mortgage, and consumer debt) is approaching $68 trillion. | Total American debt (the combination of government, business, mortgage, and consumer debt) is approaching $68 trillion. |