The Treasury Department reported on Tuesday that for the first time, the national debt has soared above $22 trillion.
The national debt was at $19.95 trillion when President Trump took office. Over the last month, the national debt increased by $30 billion to $22.012 trillion, quickly rising due to the 2017 Republican tax bill and an increase in domestic and military spending. Experts say this could lead to an increase in interest rates, and make it more difficult for the government to cover programs.
Judd Gregg and Edward Rendell, co-chairman of the nonpartisan Campaign to Fix the Debt, told USA Today that the debt surpassing $22 trillion is "another sad reminder of the inexcusable tab our nation's leaders continue to run up and will leave for the next generation." Gregg and Rendell added that the "fiscal recklessness over the past few years has been shocking," and few people have been "willing to step up with a real plan."
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