National debt hits new milestone, topping $22 trillion

National debt hits new milestone, topping $22 trillion

The increased outlays included big jumps for Medicare, Social Security, defense spending and an $18 billion increase in interest on the public debt - which this month hit a record $22 trillion. The sum total of government budget deficits has increased by $2.06 trillion since President Donald Trump took office in January 2017.

Total customs duties collected rose to US$18 billion compared to the same period of 2017, while December amount doubled to US$6 billion, according to the monthly budget statement.

The national debt is the total of the annual budget deficits, and it has grown at an accelerated pace since Trump signed a $1.5 trillion tax overhaul into law in December 2017 and Congress increased domestic and military spending a year ago.

More bad news came from the Federal Reserve Bank of NY, which published the USA household debt and credit report on Tuesday showing the private debt of Americans reached the record $13.5 trillion at the end of 2018.

Peterson said that interest on the national debt already costs more than $1 billion daily, and "as we borrow trillion after trillion, interest costs will weigh on our economy and make it harder to fund important investments for our future".

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"Our growing national debt matters because it threatens the economic future of every American".

For the fiscal year ended through September 2018, the deficit was US$779 billion, a 17 per cent increase over the prior year, but this year it is expected to rise to US$900 billion, according to an estimate from the nonpartisan Congressional Budget Office. It is projected to continue rising by a trillion each year over the next decade, due to the cost of pensions and medical care for the retiring Baby Boomers.

The Trump administration contends that its tax cuts will eventually pay for themselves by goosing economic growth.

Though mortgage debt has gone down for the first time in two years, credit card borrowing matched the $870 billion mark it had reached prior to the 2008 crisis.

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