US government debt has reached a new record high of $ 23 trillion. The relevant data was distributed in the daily report of the US Treasury Department.
According to IMF forecasts, the US national debt will grow from 108% of GDP in 2017 to 117% of GDP in 2023.
When President Donald Trump took office, the debt was below $ 20 trillion, but it began to grow rapidly after the American leader in 2017 passed a law on tax cuts. The growth of the national debt is also associated with the decision of the US Congress to increase spending on military and social programs.
As a presidential candidate, Trump promised to eliminate the national debt within eight years.
Of the total debt figure, only $ 6 trillion represents loans between different agencies of the Federal government.
For the first time, America’s foreign debt exceeded the trillion-dollar mark under Ronald Reagan on October 22, 1981. Even during his election campaign, the 40th US President promised to get rid of large government spending, but in the end, during the eight years of his rule, the country’s debt doubled. It was possible to reduce the debt only in the mid-90s, but not for long — after the crisis of 2008, the US national debt began to grow again.