The National debt profile of the United States has hit a new record high of $22 trillion under President Donald Trump, the but Republicans have decided to keep quiet on this matter.
The sum of borrowing to cover chronic deficits as well as growing interest payments, this mountain of debt already stood at $19.95 trillion when Trump entered the White House, reaching the equivalent of US GDP for the first time since World War II.
By comparison, France’s debt, which also is about the same as its GDP, amounted to a little more than 2.3 trillion euros (about $2.6 trillion) in late September.
The massive corporate tax cuts that Trump pushed for at the end of 2017, and the surge in spending, especially in defense, have increased the fiscal deficit for the world’s largest economy.
“If we don’t have a strong military, you don’t have to worry about debt, you have bigger problems,” Trump told reporters last week.
Administration officials continue to argue that the tax cuts, which are expected to widen the deficit by $1.5 trillion over 10 years, will pay for themselves by boosting economic growth and thereby increasing tax revenues.