Reference News Network August 13 report - According to the U.S. "Newsweek" website August 12 report, the U.S. Treasury confirmed on August 12 in its latest daily financial report that the total federal government debt has exceeded $37 trillion.
The report said this is a record milestone number, highlighting the rapid growth of the U.S. fiscal debt and the increasing pressure it brings to taxpayers.
The report mentioned that in January 2020, the Congressional Budget Office had assessed that the total federal government debt would not exceed $37 trillion until after the 2030 fiscal year. However, unprecedented levels of federal government loans during the pandemic and recent spending measures have caused the federal government debt to surpass this figure faster than expected.
The trend of a sharp increase in U.S. federal government debt has continued into 2024. Earlier this year, President Trump signed a tax cut and spending bill. The Congressional Budget Office expects this bill to lead to an increase of $4.1 trillion in U.S. public debt over the next decade. (Translated by Hu Xue)
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