Nov 1, 2019

National debt surpasses record $23 trillion

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

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Global debt expected to exceed $255 trillion by end of 2019

Global debt surged by $7.5 trillion in the first half of the year, hitting a new record of more than $250 trillion, data released Thursday from the Institute of International Finance shows.

Why it matters: The world's debt has now risen to 320% of what it produces, the highest level ever recorded — and IIF economists say they see "no sign of a slowdown." They expect the global debt load to exceed $255 trillion by the end of the year, with the U.S. and China leading the way.

Go deeper: One nation, drowning in debt

Keep ReadingArrowNov 14, 2019

U.S. budget gap hits $134.5 billion, up 34% in a year

Photo: Mark Wilson/Getty Images

The U.S. budget gap grew to $134.5 billion in October, up roughly $34% from the same time last year, Bloomberg reports.

The big picture: The federal government ended the 2019 fiscal year with the biggest deficit — $984.4 billion — we've seen in seven years. The widening gap comes as a result of continued spending increases and dwindling receipts. The deficit marks the largest October shortfall since 2015. Income also dropped by 2.8% last month from a year earlier.

Go deeperArrowNov 14, 2019

Capital markets are eyeing the world's soaring debt

Illustration: Aïda Amer/Axios

The world's debt is rising to unprecedented levels. While politicians and the general public have seemingly lost interest, capital markets are beginning to show signs of strain, financial experts say.

Driving the news: Global debt surged by $7.5 trillion in the first half of the year, hitting a new record of more than $250 trillion, according to data released Thursday from the Institute of International Finance.

Go deeperArrowNov 15, 2019