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BREAKING
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained

US national debt hits record high of over $30 trillion: US Treasury

  • By Al Mayadeen Net
  • Source: Agencies
  • 2 Feb 2022 08:37
2 Min Read

The national debt of the United States has reached yet another milestone, according to Treasury Department data released on Tuesday.

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  • US national debt hits record high of over $30 trillion: US Treasury
    US national debt hits a record high of over $30 trillion: US Treasury

According to figures issued by the US Department of the Treasury, the national debt of the United States has hit a record high of $30.012 trillion, owing to a huge increase in government loans due to the COVID-19 pandemic and higher expenditures of sustaining health care.

When compared to late January 2020, when COVID-19 had not yet affected the US economy, the debt has increased by over $7 trillion.

As a result of the trillions spent fighting the virus, financial experts quoted by US media stated the new maximum was reached many years sooner than the country's government projected.

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According to the New York Times, recent costs have included increasing unemployment benefit amounts, more support for small firms, and incentive payments.

The record US national debt, according to most experts, is not concerning because the country's economy continues to thrive despite the COVID-19 pandemic, and interest rates remain low.

Concerns about the budget are stalling talks on President Biden's $2 trillion safety net and climate spending program. Senator Joe Manchin III of West Virginia, a Democrat whose vote is crucial in advancing Biden's bill, said he couldn't support it because of the "staggering debt".

However, the lingering pandemic has hampered the economy's recovery, generating inflation rates that haven't been seen since the early 1980s and heightening the threat of higher interest rates, which would add to America's fiscal burden.

Read more: The US Is Running Out of Money, Literally 

  • United States
  • US Treasury Department
  • COVID-19
  • COVID-19 pandemic

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