Milestone marks years of government spending that grew under both Donald Trump and Joe Biden
US debt reached $40tn for the first time on Wednesday, the US treasury department said, after the government deficit doubled over the last decade.
The treasury’s latest debt balance showed $40.047tn on Tuesday afternoon, the highest in US history.
The milestone marks years of government spending that grew under both Donald Trump and Joe Biden. During his first term, Trump approved $8.4tn worth of debt, with a huge chunk going to Covid-19 relief spending, while Biden approved $4.3tn worth of debt, according to the Committee for a Responsible Federal Budget.
I remember when it topped one trillion for the first time and being freaked out. That wasn’t very long ago
Edit: I’m wrong, it hit a trillion in the 80s. I thought it was much more recently
The 80s wasn’t really that long ago though
and the last 10+trillion was done by both trump terms.