The U.S. national debt has now reached 110 percent of the country's gross domestic product.
The U.S. national debt is created by each year's federal budget deficit, or how much the federal government spends beyond what it takes in, and interest on the debt itself.
Thanks to the deficit, the national debt has now reached 110 percent of the GDP. CBS News White House correspondent Mark Knoller noted that this is the "Largest Debt to GDP ratio since 118.9% at the end of WWII," a number confirmed by the Congressional Research Service.
Largest Debt to GDP ratio since 118.9% at the end of WWII. https://t.
The national debt currently sits at $22.5 trillion.
At the end of 2008 when former President Barack Obama was first elected, the national debt sat at $10 trillion.
In March 2016, then-candidate Donald Trump told the Washington Post that he would eliminate the entire national debt "Over a period of eight years".
https://www.conservativereview.com/news/national-debt-now-110-percent-usas-gdp-largest-ratio-since-world-war-ii/
The U.S. national debt is created by each year's federal budget deficit, or how much the federal government spends beyond what it takes in, and interest on the debt itself.
Thanks to the deficit, the national debt has now reached 110 percent of the GDP. CBS News White House correspondent Mark Knoller noted that this is the "Largest Debt to GDP ratio since 118.9% at the end of WWII," a number confirmed by the Congressional Research Service.
Largest Debt to GDP ratio since 118.9% at the end of WWII. https://t.
The national debt currently sits at $22.5 trillion.
At the end of 2008 when former President Barack Obama was first elected, the national debt sat at $10 trillion.
In March 2016, then-candidate Donald Trump told the Washington Post that he would eliminate the entire national debt "Over a period of eight years".
https://www.conservativereview.com/news/national-debt-now-110-percent-usas-gdp-largest-ratio-since-world-war-ii/
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