In less than six months, the U.S. national debt has risen by $500 billion, according to government data, as America is likely headed into another federal borrowing binge.
The debt rose to an all-time high of $21.4 trillion on Thursday, according to government data posted Friday. That's more than $500 billion above the $20.88 trillion seen March 7, just a bit more than five months ago.
While the debt continues to rise, the pace of growth has slowed for much of 2018. It only took about six months for the debt to jump from $20 trillion to $21 trillion, a mark it hit in mid-March.
Tax dollars flooding into federal coffers after April likely kept the number somewhat low, the Examiner reported, but that doesn’t indicate the overall situation is improving.
The Treasury Department says the government is on track to have a total budget deficit of about $850 billion in the current fiscal year that ends Sept. 30.
Fiscal 2019 is expected to be worse: The Congressional Budget Office predicts a budget deficit of just under $1 trillion.