“The federal debt officially surpassed $20 trillion for the first time on Friday,” said a report by CNS News, “as the debt subject to the legal limit set by Congress jumped $317,645,000,000 in one day–following President Donald Trump’s signing of a spending-and-debt-limit deal that will fund the government through Dec. 8.”
The Daily Treasury Statement for Friday, the total debt of the federal government was $19,844,587,000,000.
After President Trump signed the legislation suspending the debt limit, the total debt jumped to $20,162,177,000,000 and the portion of it subject to the limit jumped to $20,126,392,000,000, according to the Daily Treasury Statement for Sept. 8, 2017.
“That means the total debt jumped $317,590,000,000 on the day it officially topped $20 trillion for the first time and that the part of the debt subject to the legal limit jumped $317,645,000,000 on that day,” CNS said.
The Daily Business News has been reporting on the need to get the president’s agenda passed, in order to boost economic recovery. As the debt balloons, and interest rates rise, more money will be going to debt service. The recent report on Trump administration pivot and linked NFIB pushing for tax reform, is found by clicking here.
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Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.