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  • U.S. National Debt Spiked by $851 Billion in One Month, to $32.3 Trillion. Flood of New Debt Coming in Q3 to Refill the TGA, Pay for Raging Deficits

U.S. National Debt Spiked by $851 Billion in One Month, to $32.3 Trillion. Flood of New Debt Coming in Q3 to Refill the TGA, Pay for Raging Deficits

July 03, 2023

by Wolf Richter Wolf Street

While, for the first time, the Fed’s QT and refilling the government’s checking account (TGA) pull liquidity from the markets simultaneously.

So this is a special day: The U.S. national debt spiked by $851 billion since the debt ceiling was suspended a month ago on June 3, and now hit $32.32 trillion, according the Treasury Department on Friday evening. This is just an amazing freakshow: