Feb. 12 (UPI) — The gross national debt surpassed $22 trillion for the first time in U.S. history, according to data released by the Treasury Department on Tuesday.
The Treasury Department estimated the national debt reached $22.01 trillion, up $30 billion from the previous month.
National debt stood at $21.974 trillion as of Dec. 31, representing an increase one year after President Donald Trump signed a tax reform bill in which a lower corporate tax rate lowered Treasury revenues.
Michael A. Peterson, CEO of non-partisan budget watchdog the Peter G. Peterson Foundation, also issued a statement noting the United States has added $1 trillion in debt in the past 11 months.
“Our growing national debt matters because it threatens the economic future of every American. As we borrow trillion after trillion, interest costs will weigh on our economy and make it harder to fund important investments for our future,” Peterson said.
In its budget and economic outlook for 2019-29, the Congressional Budget Office predicted the federal budget deficit will exceed $1 trillion each year beginning in 2022.
“Over the coming decade, deficits fluctuate between 4.1 percent and 4.7 percent of gross domestic product, well above the average over the past 50 years,” the CBO said.