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The national debt was up to $80,885 per person as of 2020. [153] The national debt equated to $59,143 per person U.S. population, or $159,759 per member of the U.S. working taxpayers, back in March 2016. [154] In 2008, $242 billion was spent on interest payments servicing the debt, out of a total tax revenue of $2.5 trillion, or 9.6%. Including ...
The national debt has passed other trillion-dollar milestones in the past year, as the $34 trillion mark was reached in early January 2024 and the $33 trillion threshold in September 2023.
As a result of this economic mismanagement, the U.S. government will pay close to $900 billion this year just in interest payments on the national debt—and, according to Congressional Budget ...
Publicly held debt is projected to reach 122.4% of GDP by 2034, up from 97.3% last year. Gundlach said that Washington has been plagued by large budget deficits since the 1980s, but these were ...
Another sharp increase in the debt occurred as a result of the Civil War. The debt was just $65 million in 1860, but passed $1 billion in 1863 and reached $2.7 billion by the end of the war. During the following 47 years, there were 36 surpluses and 11 deficits. During this period 55% of the national debt was paid off.
In 2019, I complained that our debt increased by a trillion dollars every year. But now, it's three trillion! In 2023, the ratings agency Fitch was criticized for downgrading U.S. government debt ...
The United States debt ceiling is a legislative limit that determines how much debt the Treasury Department may incur. [23] It was introduced in 1917, when Congress voted to give Treasury the right to issue bonds for financing America participating in World War I, [24] rather than issuing them for individual projects, as had been the case in the past.
The debt service costs along with the higher total debt complicate Trump's efforts to renew his 2017 tax cuts, much of which are set to expire after next year. The higher debt from those tax cuts ...