The U.S. national debt is creeping up again, after holding steady for the last few months thanks to the annual flood of individual and corporate tax receipts.
Last Updated On: July 6, 2016
By: Nick Giammarino Subscribe to the Global Currency Reset Newsletter – [OptinLink id=1]CLICK HERE TO SUBSCRIBE TO THE FREE NEWSLETTER[/OptinLink]
Total government debt hit a record $19.38 trillion on Thursday, up nearly $98 billion from the day before. It’s the first time it has ever exceeded $19.3 trillion.
The debt will soar higher still in the coming months, and is expected to approach $20 trillion by the time President Obama leaves office.
Click below to see the massive jump:
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The total debt had been essentially flat since March, when it hit $19.2 trillion. Growth in the national debt often slows or plateaus in the spring and early summer, as tax receipts in April help balance out federal spending that’s on a current pace to exceed receipts by $500 billion.
The federal government collected a record high $1.48 trillion in tax revenues in the first half of the year, which helped offset growth in the deficit over the last few months.
Total public debt on Thursday was $13.93 trillion, and government loans to itself are $5.45 trillion.
Aside from tax receipts or lower spending, another way to reduce the national debt is through gifts to the Treasury Department. But so far, the Treasury has received just $1.6 million in gifts, and during the April tax season, people donated just $42,000 to the effort.
