It’s also the fastest accumulation of a trillion dollars in debt outside of the COVID-19 pandemic — the U.S. hit $37 trillion in gross national debt in August this year.
The $38 trillion update is found in the latest Treasury Department report, which logs the nation’s daily finances.
The Trump administration says its policies are helping to slow government spending and will shrink the nation’s massive deficit.
The Joint Economic Committee estimates that the total national debt has grown by $69,713.82 per second for the past year.
“Along with increasing debt, you get higher interest costs, which are now the fastest growing part of the budget,” Peterson added.
“We spent $4 trillion on interest over the last decade, but will spend $14 trillion in the next ten years.
The U.S. hit $34 trillion in debt in January 2024, $35 trillion in July 2024 and $36 trillion in November 2024. »