U.S. domestic debt surpassed $30 trillion for the first time on Tuesday, according to new figures from the Treasury Department. The American news site "Axios" reported that the U.S. reached this figure much sooner than expected due to the COVID-19 pandemic, which increased federal spending into the trillions.
Despite many economists affirming that the increase in spending is necessary, it is one of the reasons that led to the halt of President Joe Biden's social spending package in Congress. Senator Joe Manchin cited "staggering debt" in a statement opposing the legislation in December.
Domestic debt was already increasing before the pandemic. The U.S. budget deficit jumped 26% to nearly $1 trillion in late 2019, marking the fourth consecutive year of increase.
