US National Debt Soars To Over USD 36 Tln
Date
11/22/2024 7:09:31 PM
(MENAFN- Kuwait News Agency (KUNA))
WASHINGTON, Nov 22 (KUNA) -- The total amount of outstanding borrowing by the US federal government accumulated over the nation's history skyrocketed by USD one trillion since July to hit USD 36,034,994,586,981.
The national debt is composed of distinct types of debt, similar to an individual whose debt may consist of a mortgage, car loan, and credit cards, the Treasury Dept. noted in a statement on Friday.
The different types of debt include non-marketable or marketable securities and whether it is debt held by the public or debt held by the government itself (known as intragovernmental).
The US has carried debt since its inception. Debts incurred during the American Revolutionary War amounted to USD 75 million, primarily borrowed from domestic investors and the French Government for war materials.
The national debt enables the federal government to pay for important programs and services for the American public.
In June 2023 the Senate passed a bipartisan budget bill to suspend the debt limit through January 1, 2025, to avert a first-ever US default. (end)
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