• Financial Survival Network
  • Posts
  • U.S. National Debt Hits $32 Trillion, Up $572 Billion Since Debt Ceiling Suspended. TGA Starts Refilling, Drains Liquidity From Markets

U.S. National Debt Hits $32 Trillion, Up $572 Billion Since Debt Ceiling Suspended. TGA Starts Refilling, Drains Liquidity From Markets

June 19, 2023

by Wolf Richter Wolf Street

Debt doesn’t matter. Until it does. And now it does.

The U.S. national debt spiked by $572 billion since the debt ceiling was suspended two weeks ago after the sarcastically named “Fiscal Responsibility Act of 2023” was signed into law, the Treasury Department reported Friday evening. The total government debt now exceeds $32.0 trillion – hallelujah, we made it!

[…] Debt doesn’t matter. Until it does. And now it does — in several ways, including interest on the debt, and fuel for inflation.