The U.S. government’s gross national debt has surpassed $38 trillion for the first time, according to new Treasury Department data released on Oct. 21, marking another record in the buildup of federal borrowing.
The Daily Treasury Statement shows total public debt outstanding at $38.02 trillion, up by more than $1 trillion since mid-August, when the nation crossed the $37 trillion mark. It’s the fastest trillion-dollar increase outside the COVID-19 pandemic and comes as Washington remains partially shut down amid a budget stalemate.
Treasury Secretary Scott Bessent said in an Oct. 22 post on X that the second-quarter deficit fell to $468 billion, down by nearly 40 percent from a year earlier, when there was no overlap with the Biden administration….
US National Debt Hits $38 Trillion Milestone
