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U.S. national debt $22 trillion, interest exceeds $1 billion daily

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Staff Writer | February 13, 2019
The US national debt has passed a new milestone, topping $22 trillion for the first time.
Treasury Department
America   Treasury Department
The Treasury Department’s daily statement showed Tuesday that total outstanding public debt stands at $22.01 trillion. It stood at $19.95 trillion when President Donald Trump took office on Jan. 20, 2017.

The debt figure has been rising at a faster pace following passage of Trump’s $1.5 trillion tax cut in December 2017 and action by Congress last year to increase spending on domestic and military programs.

Michael Peterson, head of the Peter G. Peterson Foundation, says “our growing national debt matters because it threatens the economic future of every American.”

Peterson said that interest on the national debt already costs more than $1 billion daily, and “as we borrow trillion after trillion, interest costs will weigh on our economy and make it harder to fund important investments for our future.”

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