The national debt rose above $26 trillion for the first time this week, as the U.S. government spends at a historic pace while pumping trillions into coronavirus relief.
The debt has been climbing upward at a startling pace. According to data released by the Treasury Department, the national debt hit $24 trillion on April 7 and $25 trillion on May 5.
Meanwhile, the government recorded a budget deficit of $1.88 trillion for the first eight months of this budget year, larger than any annual shortfalls in U.S. history. The deficit for the October-May period was more than double the $738.6 billion for the same period last year, according to Treasury Department numbers released Wednesday.
The Congressional Budget Office is forecasting that this year’s deficit will hit $3.7 trillion, which would be more than double the record $1.4 trillion deficit set in 2009.
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