US debt surpasses $31 trillion

RT.com
05 Oct 2022, 03:43 GMT+10

The national debt has increased by $3.37 trillion since President Joe Biden took office

The US national debt has officially exceeded $31 trillion for the first time in history, the Treasury Department confirmed on Tuesday.

The US government owed a total of 31 trillion, 123 billion, 887 million, 781 thousand, 401 dollars and 34 cents as of October 3, according to publicly released Treasury figures.

At the moment of President Joe Biden's inauguration, in January 2021, the debt stood at $27,75 trillion, according to the Congressional Research Service.

"It was $21 trillion just five years ago," Congressman Chip Roy, a Texas Republican, lamented on Twitter after the news broke.

The national debt stood at $19.94 trillion when President Donald Trump took office in 2017, but exploded over the past several years as the Federal Reserve printed money to deal with the Covid-19 pandemic.

Most of the debt is held by private individuals, to the tune of $24 trillion, while debts to foreign governments amount to almost $7 trillion. Much of the world indirectly subsidizes the US dollar as the global reserve currency.

Meanwhile, the featured announcement on Treasury's website on Tuesday concerned the establishment of a 25-member Advisory Committee on Racial Equity, which is supposed to "provide advice and recommendations to Secretary Yellen and Deputy Secretary Wally Adeyemo on efforts to advance racial equity in the economy and address acute disparities for communities of color."

(RT.com)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Greek Herald.

More Information

null in null

International Business

Section

SLOVENIA-LJUBLJANA-CONFUCIUS INSTITUTE-15TH ANNIVERSARY

(250528) -- LJUBLJANA, May 28, 2025 (Xinhua) -- Members of the Chinese Yangqin Art Troupe perform during the 15th anniversary celebration...

CBUAE imposes financial sanctions of AED18.1 million on two branches of foreign banks

ABU DHABI, 28th May 2025 (WAM) -- The Central Bank of the UAE (CBUAE) imposed financial sanctions on two branches of foreign banks...

EU adopts legal acts to lift economic sanctions on Syria

The EU would lift all restrictive measures related to trade, investment and financing, except those based on security grounds, said...

EU to order members to reduce water consumption FT

Brussels is aiming to cut down water use by at least 10 percent by 2030, according to a draft plan The European Commission is reportedly...

EU to call on members to reduce water consumption FT

Brussels is aiming to cut down water use by at least 10 percent by 2030, according to a draft plan The European Commission is reportedly...

COTE D'IVOIRE-ABIDJAN-AFDB-ANNUAL MEETINGS

(250528) -- ABIDJAN, May 28, 2025 (Xinhua) -- President of the African Development Bank (AfDB) Akinwumi Adesina speaks at the opening...

Mediterranean

Section