The US national debt has reached a new record high just one week after a massive spending bill cleared Congress.
The Treasury’s Debt to the Penny database shows the government’s mountain of debt surged $384.7 billion from July 3rd to the 9th.
[adinserter block="1"]That brings the total outstanding debt to an all-time high of $36.6 trillion.
This rapid rise is largely driven by the refilling of the Treasury General Account (TGA), as the government resumes borrowing to cover delayed payments and restore cash reserves.
The spending bill, signed by President Trump, raised the debt ceiling by a whopping $5 trillion – the largest increase in US history.
The debt ceiling now stands at $41.1 trillion, averting default until 2027.
The wide-ranging legislation permanently extends the 2017 tax cuts, reducing federal revenue by trillions over the next decade.
After accounting for offsets, the CBO forecasts the bill will add around $2.8 trillion to the deficit in 10 years.
The Trump administration disputes the estimate, and Treasury Secretary Scott Bessent says he believes the bill’s tax cuts and deregulation will spur economic growth that outpaces deficit concerns.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
