Federal IOU Hits $34.5 Trillion

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Government debt

CNBC

•

US Politics

Soaring debt and deficits causing worry about threats to the economy and markets

Summary

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81% Informative

The federal IOU is now at $34.5 trillion , or about $11 trillion higher than where it stood in March 2020 .

The CBO estimates that debt held by the public compared to GDP will rise to "an amount greater than at any point in the nation's history" Fed Chair Jerome Powell said recently that "this is something that elected people need to get their arms around sooner rather than later".

Interest rate hikes from the Federal Reserve have complicated the debt situation.

Net interest on the debt, which totals government debt payments minus what it gets from investment income, have totaled $516 billion this fiscal year .

A GOP sweep could lead to an extension of the expiring corporate tax cuts Trump pushed through in 2017 .

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