Federal borrowing exceeds $32 trillion for first time in history
This record comes just two weeks after Joe Biden signed the bipartisan bill to raise the debt ceiling.
(Wikimedia Commons)
Two weeks after Joe Biden signed bipartisan legislation to raise the debt ceiling following months of GOP-Democrat negotiations, federal borrowing surpassed $32 trillion for the first time in history.
This Friday, the Treasury Department released weekly economic data. They showed that the U.S. national debt stood at $32.04 trillion compared to the $31.47 billion on the day the bill was signed into law. National debt will keep increasing as long as we keep spending more than we collect.
On June 1, the House of Representatives passed a bill to raise the debt ceiling with 314 votes in favor and 117 votes against. Neither party was able to bring all of their congressmen to an agreement. 165 Democrats voted in favor while 46 were opposed. 149 Republicans voted in favor and 71 voted against it. In addition, there were a total of four abstentions.
"Extreme MAGA Republicans attempted to take control of the House floor. Democrats took it back for the American people," said House Democratic Leader Hakeem Jeffries. "Tonight we are going to do something we haven’t done before. Tonight we’re going to give America hope. Tonight, we’re going to vote for the largest savings in American history," said Speaker Kevin McCarthy.
The following day, the bipartisan legislation reached the Senate, where it also passed with the votes of 44 Democrats, 17 Republicans and two Independents, Kyrsten Sinema and Angus King. "We passed this critical legislation to support American families, preserve vital programs, and avoid catastrophic default—and I look forward to President Biden signing it without delay," said Senate Majority Leader Chuck Schumer.
Joe Biden did not waste any time before signing the bill. Just 24 hours after receiving Senate approval, the President officially signed the bipartisan legislation raising the debt ceiling into law. "I just signed into law a bipartisan budget agreement that prevents a first-ever default while reducing the deficit, safeguarding Social Security, Medicare, and Medicaid, and fulfilling our sacred [sic] obligation to our veterans," he said.
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