EddieJayonCrypto
11 Jul 25
The US national debt reached a record $36.6 trillion following a $384.7 billion increase from July 3rd to 9th, mainly due to replenishing the Treasury General Account. Congress approved a spending bill raising the debt ceiling by $5 trillion to $41.1 trillion, preventing default until 2027. The bill...
The US national debt has surged to a record-breaking $36.6 trillion, just one week after Congress approved a massive spending bill. From July 3rd to 9th, the debt jumped by $384.7 billion, according to the Treasury’s Debt to the Penny database. This sharp increase is primarily due to the replenishment of the Treasury General Account, as the government borrows to cover delayed payments and rebuild cash reserves.
President Trump signed a spending bill that raised the debt ceiling by an unprecedented $5 trillion, bringing the new limit to $41.1 trillion, effectively preventing a default until 2027. This comprehensive legislation permanently extends the 2017 tax cuts, which are expected to reduce federal revenue by trillions of dollars over the next decade.
Despite these reductions, the Congressional Budget Office (CBO) projects the bill will increase the deficit by about $2.8 trillion over ten years after factoring in offsets. However, the Trump administration challenges this view. Treasury Secretary Scott Bessent argues that the combination of tax cuts and deregulation will stimulate economic growth robust enough to overshadow concerns about the rising deficit.