The U.S. national debt is approaching a record $31 trillion, according to data released by the Treasury Department, and it could have ramifications for the economy.
occurs when the government spends more than it collects in revenues in a given fiscal year. The national debt gets larger as the U.S. racks up more deficits, the Treasury Department said. that the rising debt could have ramifications for the U.S. economy.
Debt that is high and rising as a percentage of gross domestic product would "raise borrowing costs throughout the economy, reduce
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