Data from the Treasury Department showed that the national debt hit a record $20.1 million for the first time in history after Congress and President Donald Trump approved a three-month debt ceiling extension Friday, Washington Examiner reported Monday.
U.S. debt climbed from $19.8 trillion — the level that the Treasury Department worked to maintain since mid-March through “extraordinary measures,” the report said.
Congress aims to extend the debt ceiling suspension beyond Dec. 8 and President Trump wants to eliminate the ceiling altogether.
The Hill reported Michael Peterson, president and CEO of the Peter G. Peterson Foundation, estimated that the national debt will require the government to spend $6 trillion on interest over the next 10 years.
Rep. Mark Walker (R-North Carolina) urged Congress to pass legislation that would address the government’s debt challenges before lawmakers authorize another debt limit extension.