The U.S. government’s gross national debt has surpassed $38 trillion for the first time, according to new Treasury Department data released on Oct. 21, marking another record in the buildup of federal borrowing.
The Daily Treasury Statement shows total public debt outstanding at $38.02 trillion, up by more than $1 trillion since mid-August, when the nation crossed the $37 trillion mark. It’s the fastest trillion-dollar increase outside the COVID-19 pandemic and comes as Washington remains partially shut down amid a budget stalemate.
