US National Debt Surpasses Historic $37 Trillion

The US national debt has surged to an unprecedented $37 trillion, marking a significant milestone reached sooner than projected before the pandemic.

Initially, the Congressional Budget Office in January 2020 forecasted the US would attain this debt level post-fiscal year 2030. However, the economic repercussions of the COVID-19 pandemic accelerated borrowing substantially.

Both the Trump and Biden administrations engaged in significant borrowing to stabilize the nation's economy amidst shutdowns, thereby hastening the pace at which the national debt grew.

(With inputs from agencies.)