Over the three years of Trump’s presidency, the US public debt grew by $ 2 trillion, and during the pandemic – by another 4 trillion.
The US national debt for the first time in history exceeded $ 26 trillion, CBS reports on Thursday, June 11, citing data from the country’s Treasury.
“Government debt has exceeded $ 26 trillion. It has increased by $ 1 trillion since May 5. It was $ 24 trillion on April 7. Since the moment Donald Trump headed the White House, the public debt has grown by $ 6 trillion,” the report said.
The US Ministry of Finance notes that the growth in public debt is caused by the allocation of funds for programs to counter the coronavirus pandemic and the associated deferred tax payments.
Recall, US President Donald Trump signed a law on economic stimulus measures in the amount of more than $ 2 trillion, which is designed to mitigate the damage caused by the pandemic. The document provides, in particular, the payment of unemployment benefits, assistance to hospitals, assistance to a number of industries.
According to the Bureau of Economic Analysis under the US Department of Commerce, the country’s GDP at the end of last year was $ 21.73 trillion.
According to IMF estimates, in 2020 the US public debt will grow to 131.1% of GDP.