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US starts fiscal year with record $31 trillion in debt

US starts fiscal year with record $31 trillion in debt

US starts fiscal year with record $31 trillion in debt
Oct 05, 2022 33 secs

WASHINGTON (AP) — The nation’s gross national debt has surpassed $31 trillion, according to a U.S.

government’s ability to borrow — the debt numbers hit an already tenuous economy facing high inflation, rising interest rates and a strong U.S.

And while President Joe Biden has touted his administration’s deficit reduction efforts this year and recently signed the so-called Inflation Reduction Act, which attempts to tame 40-year high price increases caused by a variety of economic factors, economists say the latest debt numbers are a cause for concern.

Owen Zidar, a Princeton economist, said rising interest rates will exacerbate the nation’s growing debt issues and make the debt itself more costly.


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