According to treasury department, the figures released showed that at the end of 2018, the national debt stood at $21.974 trillion, more than $2 trillion hike in it since Trump took the office.
The CNN said the national debt stood at 78 percent of the United States’ Gross Domestic Product (GDP) in last year, becoming the highest percentage since 1950. The shortfall, which is used to measure the difference between the government spending and what it collects back, rose up to 3.8 percent of GDP in last year, from 3.5 percent in 2017.
According to news reports, the national debt has been rising in a major setback of the 2008 financial crisis, when the US congress and former President Barack Obama passed funding in order to have economy afloat. When Trump took the office, he vowed to reduce the debt to zero over his eight-year period of presidency, however it began to go down.
According to the US congressional budget office, the national debt could rise up to 96 percent of GDP ($29 trillion) by 2028.
The news reports stated: “Three decades from now, for instance, debt held by the public is projected to be about twice as high in relation to GDP as it is this year—which would be a higher ratio than the United States has ever recorded.”
It stated: “Such high and rising debt would have serious consequences, both for the economy and for the federal budget. Federal spending on interest payments would rise substantially as a result of increases in interest rates, such as those projected to occur over the next few years.”