Federal debt explodes by $1 trillion in five weeks since deal suspending limit became law
Fox News
The US national debt has jumped $1 trillion in the five weeks since President Biden signed a bill into law that suspends the debt ceiling and allows unlimited borrowing.
On June 3, however, Biden signed legislation reflecting negotiations with House Republicans that requires a small spending cut next year and allows unlimited federal borrowing until 2025. With no debt ceiling in effect, federal borrowing jumped more than $350 billion in a single day and crossed the $32 trillion mark in less than two weeks. Pete Kasperowicz is a politics editor at Fox News Digital.
That quick increase reflected pent-up demand for borrowing that the government delayed while the debt ceiling deal was being negotiated.
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