U.S. national debt exceeds $21 trillion for the first time in history.
A year ago, U.S. President Donald Trump committed to eliminating the national debt over an eight-year period. Treasury data, however, show that debt surpassed the $21 trillion mark for the first time in history.
President Trump recently signed a suspension of the federal debt limit, allowing the government to borrow an unlimited amount until March 1, 2019.
Despite recent concerns that the US deficit was soaring under Trump's presidency, statistics show that the national debt has increased independently of individual governments over the century. Under President Barack Obama's previous administration, the deficit almost doubled, rising by about $9 trillion to just under $20 trillion.
In its annual financial report, the U.S. Treasury stated that the government lost more than $1 trillion in 2017. This enormous sum is the size of the Australian economy as a whole; it represents a loss of more than $2.2 million per minute...