National Debt Reaches New Heights Thanks to Ever-Expanding Government

The Treasury Department announced Tuesday that the total national debt had surpassed $30 trillion for the first time.

Just two years ago, the Congressional Budget Office projected that the nation would not reach this mark until the end of 2025.

Thanks to our ever-expanding federal government, we reached the $30 trillion mark nearly four years earlier. Since the start of the COVID-19 pandemic, the government has added an unprecedented level of spending, resulting in $7 trillion more in debt.

In fiscal year 2019, the annual budget deficit was equal to 4.6% of gross domestic product, a level nearly twice the historical average. The Congressional Budget Office projected a steady rise to around 5.4% of GDP by 2030.