For the first time, the nation’s total public debt has tipped beyond the $30 trillion mark, according to the Treasury Department. Debt has accumulated faster than projected, mainly due to deficit-financed action taken in response to COVID-19.
Treasury Department data published at the beginning of the week shows outstanding debt is $30,012,386,059,238.29. Debt has risen by nearly $7 trillion since the start of 2020, and the debt as a share of the economy topped 100 percent in 2020, reaching its highest levels since World War II.
The gross national debt includes $6.5 trillion the government owes to itself, called intragovernmental holdings, and $23.5 trillion owed to outside creditors, known as debt held by the public.