U.S. National Debt Reaches Record $38 Trillion During Federal Shutdown
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Summary
The U.S. government's gross national debt has reached a record $38 trillion during a federal shutdown, marking the fastest accumulation of debt outside of the COVID-19 pandemic. The debt increased from $37 trillion in August, with experts warning that rising debt levels could lead to higher inflation, reduced purchasing power, and increased borrowing costs for the government and consumers.
Key quotes
· 3 pulledIn the midst of a federal government shutdown, the U.S. government's gross national debt surpassed $38 trillion Wednesday, a record number that highlights the accelerating accumulation of debt on America's balance sheet.
It's also the fastest accumulation of a trillion dollars in debt outside of the COVID-19 pandemic, with the debt having reached $37 trillion in August.
Experts warn that rising debt can lead to higher inflation, eroding purchasing power and increasing borrowing costs.
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