The U.S. began adding $1 trillion worth of debt about every three months beginning last June, a Bank of America investment strategist Michael Hartnett first pointed out in an investment note published last week.
The national debt is currently $34.48 trillion and rising.
"The national debt is the amount of money the federal government has borrowed to cover the outstanding balance of expenses incurred over time," the Treasury Department explains.
"Simply put, the national debt is similar to a person using a credit card for purchases and not paying off the full balance each month. The cost of purchases exceeding the amount paid off represents a deficit, while accumulated deficits over time represents a person's overall debt." The national deficit is $531.86 billion fiscal year to date.
"Compared to the national deficit of $460 billion for the same period last year, our national deficit has increased by $72 billion," the federal agency tasked with U.S. fiduciary responsibility states.
Hartnett predicts a 100-day pattern will continue, with the national debt reaching $35 trillion this month, as CNBC first reported.
Last November, Moody's Investors Service lowered the U.S. federal government's credit ratings from "Stable" to "Negative" citing the national debt and growing budget deficit.
https://www.thecentersquare.com/national/article_4d5d8d5c-d983-11ee-841b-570351f15bcb.html
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