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National debt surpasses record $23 trillion

Donald Trump looks steadfastly ahead in a coat, shirt and tie while on the White House lawn
Photo: Nicholas Kamm/Getty Images

The U.S. national debt surpassed $23 trillion on Friday, per the Treasury Department and the Peterson Foundation.

Why it matters: The national debt met the $22 trillion mark just nine months ago and has soared $3 trillion since Trump took office, when it rested at $19.95 trillion. The White House projected in July that the federal deficit would surpass $1 trillion this year — the first time since the four-year period following the Great Recession.

Go deeper: U.S. debt set to soar to "unprecedented levels" over next 30 years, CBO says